Maples Finance Jersey, an affiliate of Caymans-based offshore law firm Maples and Calder, has acquired Gartmore Fund Managers International Ltd. (GFMIL), a Jersey-based fund administration operation.
GFMIL has assets under administration of over 1.7 billion. Management and the acquisition is part of Maples’ strategy to provide a complete service to fund and private equity managers in the leading offshore markets worldwide.
Maples Finance Jersey, the fiduciary and administrative services affiliate of Maples and Calder, says it is taking on the senior management, IT staff and proprietary systems of GMFIL, and will continue to provide managerial and technical services for GMFIL’s existing book of fund administration business.
“In a changing environment that will require yet higher standards of compliance and corporate governance, it is about being able to demonstrate capability,” says Anthony Travers, Senior Partner of Maples and Calder. “This Gartmore team has undertaken first class fund administration using their proprietary systems at the highest level for two decades. We are pleased to have them join us.”
Already the largest offshore service provider to the structured finance industry, the acquisition is part of Maples’s strategy to provide a “one-stop” service to hedge fund, mutual fund and private equity managers to include legal advice, independent experienced directors and full-scale fund administration.
“Combining Maples’ global leadership position as fund legal advisor with the GFMIL team’s comprehensive fund administration expertise creates an integrated, highly experienced fund services offering,” adds Michelle McMahon, CEO of Maples Finance Jersey. “The varied regulatory and tax environments across the European and Asian markets can create complex and unique issues. Our acquisition of the Gartmore proprietary system, and, most importantly, its experienced personnel, will enable Maples Finance to customise solutions for mutual, hedge and private equity funds.”
Chris Samuel, Chief Operating Officer of the Gartmore Group, says that the Gartmore Jersey fund administration platform has existed since the mid-1980s, and is capable of tackling the different tax codes, regulations, currency and language requirements of the Gartmore range of funds. It looks after 22,000 shareholders in 100 countries. “We are confident that this transaction will offer tremendous value to the newly expanded Maples Finance group,” says Samuel.