Sanne Group, a provider of outsourced corporate and fund administration, reporting and fiduciary services, has closed the acquisition of South Africa-based IDS Fund Services (IDS).

IDS will be integrated into Sanne Group, constituting its eighth business unit. Sanne Group’s existing business units include private debt and capital markets, real estate, private equity, corporate and institutional, executive incentives, as well as private client and treasury.

Sanne Group agreed to acquire IDS Fund Services for an initial cash consideration of ZAR201.6m (£9.2m) in March this year.

Sanne Group CEO Dean Godwin said: "Now that we have successfully completed the IDS transaction, we are keen to benefit from their expertise and their market leading hedge fund administration services.

"These capabilities will naturally complement our own existing alternative asset specialisms in private equity, real estate and debt. I look forward to working with the management team at IDS and helping them to develop their business as they enter the next phase of their evolution with SANNE."

IDS offers outsourced investment administration services to the asset management sector, and manages over ZAR80bn (£3.6bn) in assets. It employs more than 140 people in its Cape Town and Malta offices.

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By GlobalData

The company offers a range of middle office and back office functions such as NAV calculations, fund accounting, investor services, and transaction and cash management.