RJD backs buyout of fund administrator

RJD Partners has acquired outsourced fund administration services provider IPES Holdings Ltd. RJD acquired a majority stake in the business from the founders, who will remain with the company. The value of the equity-only deal has not been disclosed, but is believed to be between £20m and £30m.

RJD approached the company in early 2008 and subsequently acquired it in an off-market transaction. IPES and the investor plan to grow the company organically and are looking at taking it into alternative jurisdictions in the medium term.

IPES Holdings is based in Guernsey and was set up as a joint venture between founding executives Connie Helyar and Peter Gillson and a number of sponsors of private equity funds. The company was established in 1998 to offer administrative services to private equity funds. IPES currently employs 120 staff in Guernsey, Jersey and London and administers more than 300 funds for 56 separate client groups. It has in excess of $36bn of assets under administration.

Duncan Johnson led the deal for RJD supported by James Smallridge. Johnson will join the holding company board on behalf of RJD as non-executive director. Kevin Brennan is the chief executive of IPES. (Page 32).

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