Maitland has agreed with STANLIB, one of Africa’s largest fund managers, to “lift out” its traditional institutional fund administration operations.
The deal, effective October 1, will boost Maitland’s assets under administration (Aua) BY $40 billion to $260 billion.
Maitland will assimilate STANLIB staff into a new Johannesburg office to perform operational duties on Maitland’s administration platform.
“This deal is evidence of just how high the threshold for talent and technology investment is becoming for asset managers who conduct their administration in-house. The merits of outsourcing to specialists such as Maitland will only become more apparent in such an environment,” says Steve Georgala, CEO, Maitland.