Grows strong, Maitland does
23 July 2015 Johannesburg
Image: Shutterstock
Fund administration firm Maitland has concluded an agreement with STANLIB, one of Africa’s largest fund managers, to ‘lift out’ its traditional institutional fund administration operations.
The deal, effective 1 October 2015, will boost Maitland’s own assets under administration by $40 billion to $260 billion, making it one of the world’s largest fund administrators.
STANLIB’s significant African footprint will further enhance Maitland’s African and frontier market coverage.
The transaction is in the form of a lift out that will see Maitland assimilate STANLIB staff into a new Johannesburg office to perform operational duties on the Maitland administration platform, and provide access to a new talent pool located in Johannesburg in addition to its traditional Cape Town hub.
Steve Georgala, CEO of Maitland, commented: “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.
STANLIB decided to outsource its institutional back-office in line with global trends toward the adoption of independent third-party administration, according to its COO, Stewart Rider.
He said: “In line with global best practice, STANLIB has identified Maitland as a strategic partner offering the capabilities that will allow STANLIB to focus on its core business, namely customer service, investment returns and distribution.”
“The deal will assist STANLIB in achieving its 2020 strategy of becoming the preferred asset manager for assets destined for Africa.”
Maitland completed its acquisition of UK fund administrator Phoenix Fund Services in June.
The deal, effective 1 October 2015, will boost Maitland’s own assets under administration by $40 billion to $260 billion, making it one of the world’s largest fund administrators.
STANLIB’s significant African footprint will further enhance Maitland’s African and frontier market coverage.
The transaction is in the form of a lift out that will see Maitland assimilate STANLIB staff into a new Johannesburg office to perform operational duties on the Maitland administration platform, and provide access to a new talent pool located in Johannesburg in addition to its traditional Cape Town hub.
Steve Georgala, CEO of Maitland, commented: “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.
STANLIB decided to outsource its institutional back-office in line with global trends toward the adoption of independent third-party administration, according to its COO, Stewart Rider.
He said: “In line with global best practice, STANLIB has identified Maitland as a strategic partner offering the capabilities that will allow STANLIB to focus on its core business, namely customer service, investment returns and distribution.”
“The deal will assist STANLIB in achieving its 2020 strategy of becoming the preferred asset manager for assets destined for Africa.”
Maitland completed its acquisition of UK fund administrator Phoenix Fund Services in June.
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