MJ Hudson, the specialist service provider to the asset management industry, has announced it has bought Saffrey Champness Fund services for an all cash consideration of £2.8m.
Saffrey Champness is a Guernsey-based fund administration business. MJ Hudson bought it from the accountancy group Saffery Champness.
The company hopes the acquisition will double its fund administration revenues in Guernsey with a 50% increase in local staff numbers.
Founded in 2007, SCFS core services include fund administration, fund accounting, valuation and corporate secretarial work.
It is Based in the UK and Northern Europe, and its largely alternative asset clients have a combined AUM of £418m.
The maximum consideration for SCFS is £2.8m in cash and is subject to performance criteria over a two-year period.
Mark Pattimore, managing director of International Administration at MJ Hudson, said: We are pleased to welcome the SCFS team and its clients to MJ Hudson.
This acquisition adds scale and expertise to our existing Guernsey operation. Our dedicated funds infrastructure and alternatives expertise will benefit SCFS´ many fund clients. We look forward to supporting the team as it pursues an extended new business pipeline as part of the Group.