Asset management specialist MJ Hudson Group has acquired Guernsey-based fund administration business Saffery Champness Fund Services (SCFS) for a cash consideration of £2.8m, subject to performance criteria over two years.
The acquired business, bought from accountancy group Saffery Champness, generated revenues of £1.4m in the 12 months to March 2021.
Completion of the transaction, subject to approval by the Guernsey Financial Services Commission, is expected to double MJ Hudson´s fund administration revenues in Guernsey, with a 50% increase in local staff numbers.
Founded in 2007, SCFS's core services include fund administration and fund accounting, as well as valuation and corporate secretarial work.
Based in the UK and Northern Europe, its largely alternative asset clients have combined assets under management of £418m.
Seven SCFS staff will transfer to MJ Hudson as part of the transaction, and the business will be managed by MJ Hudson's outsourcing division.
Mark Pattimore (pictured), Managing Director of International Administration at MJ Hudson, commented: "This acquisition adds scale and expertise to our existing Guernsey operation. Our dedicated funds infrastructure and alternatives expertise will benefit SCFS's fund clients."