Investor services firm SGG Group plans to take over private equity and real estate fund administrator Augentius, marking the latest takeover in the fund administration world.
The deal will see SGG Group take on $124 billion of Augentius’ assets under administration to take its total to $400 billion across alternative institutional funds and family offices.
“This is a hugely exciting opportunity as this deal will bring a wealth of new opportunities for our newly combined businesses, and especially for our clients,” said Ian Kelly, CEO, Augentius.
“SGG Group is one of the main consolidators of the industry and we are pleased to join forces with a global investor services firm which has the ambition to build a sustainable firm for this generation and the next.’’
Backed by private equity firm Astorg Partners, the deal is the latest in a string of acquisitions for SSG Group which has expanded in the investor services business over the past two years.
In January, SSG Group acquired Jersey-based fund services provider First Names Group. Prior to that, it also took over LuxGlobal Trust Services, a Luxembourg-based corporate, trust and fund services firm.
SGG Group’s CEO, Serge Krancenblum, hails the purchase of Augentius as a “transformational milestone for our business.”
“This acquisition is in line with our ongoing commitment to developing our product offering and geographical reach to become the leading global partner for the alternative investment industry,” said Krancenblum.
SGG is not only the private-equity backed fund administrator that is making waves in the M&A scene. Apex Fund Services, which is supported by private equity firm Genstar, has quickly become a top five fund administrator after its purchase of Deutsche Bank’s alternative investment fund services business and private equity administrator Ipes, among others.