MJ Hudson Group PLC - asset management consultancy headquartered in London - Purchases fund administration business Saffery Champness Fund Services Ltd for up to GBP2.8 million. The deal will be made in cash and is subject to performance criteria over a two-year period.
Founded in 2007, Guernsey-based Saffery's services include fund administration and fund accounting as well as valuation work. With operations in the UK and Northern Europe, Saffery's clients have a combined GBP418 million in assets under management.
"This acquisition adds scale and expertise to our existing Guernsey operation. Our dedicated funds infrastructure and alternatives expertise will benefit Saffery's many fund clients," comments MJ Hudson Managing Director of International Administration Mark Pattimore.
Saffery is expected to be modestly accretive to earnings per share, MJ Hudson notes.
Current stock price: 50.00 pence
Year-to-date change: up 3.1%
By Will Paige; willpaige@alliancenews.com
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