Sanne buys Texas fund solutions company for $32m
Sanne has bought Dallas-based fund solutions company STRAIT for $32m.
The asset manager said STRAIT would increase its scale, capabilities and client coverage in North America.
The move adds more than 50 employees to Sanne, more than 60 new client groups and in excess of $20bn of assets under administration to Sanne’s platform, as well as a new office in Dallas.
STRAIT provides fund administration, financial oversight and regulatory compliance services for private equity funds, hedge funds, family offices and other investment vehicles.
This is the sixth transaction that Sanne has completed in the last 12 months, and the company said it has a “healthy pipeline” of potential transactions.
Sanne CEO Martin Schnaier said: “I am delighted that we have acquired STRAIT; it is a high-quality business that shares our culture of delivering excellent client service.
“The STRAIT acquisition will significantly enhance our North American presence, increasing our access to this large, fast-growing market, and further strengthen Sanne’s competitive position.”