‘Crowded market’ prompts fund administration merger

Susannah Birkwood
21 September 2011

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The merger of two firms to create the largest fund administration business in Guernsey has been attributed to the excessive number of companies in the market.

"It's possible that there are too many fund administrators in the marketplace," said Peter Radford, of Bordeaux Services, which is joining forces with Anson Fund Managers. "We would rather be consolidators than consolidated."

Bordeaux specialises in private equity fund administration and open and
closed-ended funds, while Anson's focus is more closed-ended work on London-listed investment companies, limited partnerships and property and securitisation vehicles.

Radford, who will be CEO of the merged entity, added: "We have both been in the business for around 14 years and we have grown as much as we can as individual businesses. To develop to the next level, size is important."

Anson principal John Le Prevost will become a senior director and Richard Conder will chair the group, which will trade under the Anson name. They will work alongside a team of 45, which includes a number of UK-based staff.