Merger Creates Guernsey Fund Administration Powerhouse
Monday, September 26, 2011
Two Guernsey firms have announced that they are to merge to create the largest
independent fund administration business in the island.
In the 50:50 deal, described as a merger of equals, Anson Fund Managers Limited
and Bordeaux Services (Guernsey) Limited will join forces and trade under the
Peter Radford, of Bordeaux, who will be the Chief Executive Officer of the
merged entity, said that the move will provide critical mass and, importantly,
enable the business to remain independent. Anson Principal, John Le Prevost,
will become a Senior Director and Professor Richard Conder will become the new
Chairman of Anson Group Limited.
Radford noted that there are a number of synergies and very little overlap between the two businesses,
whose amalgamation will mean a new headcount of around 45. Bordeaux specialises
in private-equity fund administration and open- and closed-ended funds, while
Anson has a reputation for closed-ended work, including London-listed investment
companies, limited partnerships, and property and securitisation vehicles.
Anson’s team includes a number of highly-qualified staff based in the
UK who visit Guernsey regularly.
Radford said: “We have both been in the business for around fourtteen
years and we have grown as much as we can as individual businesses. We would
rather be consolidators than consolidated. It’s possible that there are
too many fund administrators in the marketplace and, to develop to the next
level, size is important.”
Le Prevost said that it was important to him that Anson remained independent
of any large financial institution but had the critical mass to drive the business
“The world we now compete in requires firms to have stature and substance.
The merger ticks both boxes brilliantly. It accelerates the combined new Anson
Group to become the largest independent fund administration company in Guernsey,
however measured,” he said.