Fund administration firm Maitland has seen its assets under administration grow by $40 billion (€36.8 billion) after announcing an outsourcing transaction with Stanlib, a large African fund manager.
This deal follows on from Maitland’s acquisition of UK fund administrator Phoenix Fund Services back in April.
Stanlib has an impressive African footprint according to Maitland and the firm hopes to enhance its African and frontier market coverage. It also plans to be the preeminent fund administrator in Africa.
The deal is in the form of a lift out whereby Maitland will assimilate Stanlib staff into a new Johannesburg office to perform operational duties on the Maitland administration.
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