Sanne Group (SANNE) has completed the acquisition of IDS Fund Services (IDS), a leading independent South African based provider of outsourced investment administration services to the asset management industry, with a particular focus on hedge fund clients.
IDS was established in 2002 and is based in Cape Town, South Africa with operations in Malta. IDS employs more than 140 staff, the majority of whom are based in its Cape Town headquarters, and administers structures and funds with assets in excess of R 80 billion (c. £.3.6 billion). Its services encompass middle office and back office functions, including NAV calculations, fund accounting, investor services, and transaction and cash management.
The IDS business and its team will be fully integrated into SANNE and become its eighth business division – Hedge. This will sit alongside SANNE’s existing business divisions, comprising Private Debt and Capital Markets, Real Estate, Private Equity, Corporate and Institutional, Executive Incentives, Private Client and Treasury.
Dean Godwin, Chief Executive Officer, says: “IDS is a business with significant expertise and a wide range of market leading hedge fund administration services. These capabilities will naturally complement our existing alternative asset specialisms in private equity, real estate and debt, enabling us to provide a complete suite of services to clients in this exciting space – a unique offering in the market. This acquisition also enhances our global footprint. I look forward to working with the management team at IDS and helping them to develop their business as they enter the next phase of their evolution with SANNE.”
Ian Hamilton, IDS Founder and CEO, says: “Joining SANNE is great news for our people as it presents new opportunities for them to benefit from. Being part of a leading specialist global provider of outsourced administration with a strong alternative asset expertise will also mean that we can add value to our clients through the provision of complementary services as we continue to develop the breadth of our service offering to meet the evolving needs of the funds sector in South Africa and on an international stage.”