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Sanne acquires European fund administration business, issues H1 trading update
28th Jul 2021 08:14
(Sharecast News) - Asset manager Sanne has acquired the European fund administration business of PraxisIFM Group for £54.0m.
Sanne said on Wednesday that PraxisIFM's funds business was "one of the leading players" in the European listed funds administration sector, which had consistently delivered double-digit revenue growth in recent years.
The transaction will add over 80 employees and more than £25.0bn of assets under administration to Sanne, with offices in Guernsey, Jersey, London, Luxembourg and Malta. The FTSE 250-listed firm will fund the acquisition entirely from existing resources.
Sanne also issued an update on its recent trading performance, stating it had "another resilient performance" in the six months ended 30 June and that it had also continued to see "stronger growth" returning to its core markets despite the ongoing Covid-19 pandemic.
"This improved performance included a significant increase in new business activity, with first-half 2021 annualised total new business wins up c.38% on the second half of 2020 to £15.7m," said Sanne
"As such, the board remains confident in delivering full-year results in line with its expectations."
Finally, Sanne stated that it remained in discussions with Cinven regarding a possible offer for the entire issued and to be issued share capital of the firm.
As of 0810 BST, Sanne shares were up 1.53% at 860.0p.
Sanne said on Wednesday that PraxisIFM's funds business was "one of the leading players" in the European listed funds administration sector, which had consistently delivered double-digit revenue growth in recent years.
The transaction will add over 80 employees and more than £25.0bn of assets under administration to Sanne, with offices in Guernsey, Jersey, London, Luxembourg and Malta. The FTSE 250-listed firm will fund the acquisition entirely from existing resources.
Sanne also issued an update on its recent trading performance, stating it had "another resilient performance" in the six months ended 30 June and that it had also continued to see "stronger growth" returning to its core markets despite the ongoing Covid-19 pandemic.
"This improved performance included a significant increase in new business activity, with first-half 2021 annualised total new business wins up c.38% on the second half of 2020 to £15.7m," said Sanne
"As such, the board remains confident in delivering full-year results in line with its expectations."
Finally, Sanne stated that it remained in discussions with Cinven regarding a possible offer for the entire issued and to be issued share capital of the firm.
As of 0810 BST, Sanne shares were up 1.53% at 860.0p.