State Street has sold its capital markets corporate administration business in Jersey to fiduciary services provider Sanne Group.
Jersey-based Sanne provides corporate and debt administration services to institutional customers.
The capital markets business of State Street currently has 40 specialist staff and enhances Sannes operational capabilities across key service jurisdictions including Jersey, London and Dublin.
Private equity firm Inflexion supported Sanne’s latest acquisition, ensuring a debt free capital base from which Sannes management team can continue its longer term strategy of building a high quality fiduciary business through organic growth complemented by strategic acquisitions, said a statement from the company.
The transaction is expected to close in by the end of April this year.
In its quarterly earnings statement, State Street said servicing fees rose nearly 9% year over year to $1.2 billion in Q4. State Street attributed the increase to stronger global equity markets, the impact of net new business and revenue contributions from acquisitions. The firm is continuing with its restructuring plan, which will see 630 additional jobs cut in 2013.
(JDC)