Guernsey firms Anson Fund Managers and Bourdeaux Services are merging to create the largest independent fund administration company on the island.
In the 50:50 deal, described as a merger of equals, the firms will join forces and trade under the Anson name.
Peter Radford, of Bourdeaux, who will become chief executive of the merged entity, said that the move will provide critical mass and, importantly, enable the business to remain independent. He added: We have both been in the business for around 14 years and we have grown as much as we can as individual businesses. We would rather be consolidators than consolidated. Its possible that there are too many fund administrators in the marketplace and, to develop to the next level, size is important.
Anson principal John Le Prevost will become a senior director and Professor Richard Conder will become the new chairman of Anson Group.
Bordeaux specializes 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 securitization vehicles.
A joint statement from the firms said there are a number of synergies and very little overlap between the two businesses, which will have a combined headcount of around 45.
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 forward. 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.
(JDC)