Sanne acquires PraxisIFM uropean fund administration business for £54m

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Alternative asset and corporate services provider Sanne said it acquired the European fund administration business (the Funds Business) of PraxisIFM for £54 million.

Sanne also said trading for the six months through June was in line with its expectations and put it on track to meet full-year earnings forecasts.

The acquisition would adds over 80 employees and more than £25 billion of assets under administration to Sanne, with offices in Guernsey, Jersey, London, Luxembourg and Malta.

'This strategically important acquisition augments Sanne's existing presence in this significant sector, especially for the UK market whilst also deepening its rapidly expanding footprint in Guernsey, the preeminent domicile for European private equity funds,' Sanne said.

On trading, the company said it had seen new business wins and a 'robust' improvement in constant currency organic growth, from a flat performance in the second half of 2020.

'On a constant currency basis, the group expects to report underlying operating profit margins broadly flat on the first half of 2020 but anticipates further second half improvement as the growth in new business wins is reflected in the results,' Sanne said.