SANNE enters into agreement to acquire established fund administration business in US
Acquisition firmly establishes SANNE as a global provider of choice
SANNE, the specialist provider of outsourced corporate, fund and private client administration, reporting and fiduciary services, is pleased to announce that it has entered into an agreement to acquire FLSV Fund Administration Services LLC (“FAS”).
FAS was founded in 2009 by Jeffrey Hahn and Brenda Grayson, as a fund administration firm offering end-to-end accounting, tax, operations, reporting and investor services. FAS has an institutional client base across a range of alternative asset classes including private equity, distressed debt, infrastructure and fund-of-funds fund managers. The business has its head office in Manhattan, New York where approximately 75 of the businesses c115 employees are based. FAS also has a service delivery office based in Belgrade, Serbia where the balance of the staff are based.
The FAS acquisition represents an important strategic step for SANNE in establishing a high quality, at scale, platform in North America. The North American market is the largest global market of alternative fund managers as well as for SANNE’s core fund administration, reporting and fiduciary services offering. There are significant similarities between the services that FAS and SANNE each provide to their respective client bases.
Dean Godwin, Chief Executive Officer of Sanne Group plc commented:
“This is a significant milestone for SANNE, delivering a platform of quality and scale in the attractive North American market. FAS is led by a highly experienced and respected team that has fostered a culture very much aligned with our own, with a focus on providing the highest quality service to institutional clients. The US market offers considerable opportunities, particularly in the fast growing alternatives sector, and we look forward to working together to deliver the next phase of growth.”
Jeffrey Hahn, Partner and CEO of FLSV Fund Administration Services LLC commented:
“We are very excited to join SANNE. Being part of the larger SANNE platform will provide significant leverage to drive growth in North America and help us meet our clients’ ever increasing global service requirements.