Orangefield Group has purchased Guernsey-based Legis Fund Services, expanding its fund services division and increasing its total assets under administration to more than $50 billion.
Legis will change its name to Orangefield Fund Services but will continue to be led by managing director Patricia White.
The acquisition is part of a trend in mergers and acquisitions in the offshore fund administration sector, and was advised by Carey Olson.
Carey Olson also recently advised Anson Group on the sale of its fund administration business to JTC Group and First Names Group on its acquisition of fund management business Mercator.
Tony Lane, a senior consultant at Carey Olson, said: “These transactions all feature an international business acquiring a predominantly Channel Island firm and there are strong mutual benefits.”
“Clients are increasingly looking for fund administrators with capability in multiple jurisdictions to reflect their own global profiles and interests and becoming part of an international group allows a local business to share the significant costs and increasingly globalised nature of regulatory, compliance and reporting requirements."
Orangefield CEO Joep Bruins said of Legis: “They share our vision for continuous growth and development. Though they already have award-winning service, like us they believe that getting better never stops.”
