Sovereign-backed Cordium acquires Zodiac

This is Cordium's third acquisition in as many months, following its purchases of The Sigma Partnership and HedgeStart in December 2013 and January 2014 respectively, and its seventh buy-and-build transaction since Sovereign's investment in December 2010.

Cordium bought a majority stake in Zodiac, with the management team taking a substantial minority. The bolt-on was funded from Cordium's existing balance sheet; Sovereign did not provide any additional capital.

Cordium gains a presence in Malta with this deal, which will enable its UK-based regulatory hosting and risk management subsidiary, Mirabella Financial Services, to offer hosted AIFM solutions to non-EU firms. This satisfies the request of Cordium's clients for an expansion into Malta, and was facilitated by a Cordium team member with experience in a Maltese hedge fund.

Company
Zodiac provides compliance, risk, accounting and governance services for the investment management industry in Malta, an EU member-state since 2004. Established in 2009 and with seven employees, Zodiac is headquartered in Sliema and supports fund management firms as well as fund entities.

Staff and management at Zodiac will remain with the company in their current roles, allowing the company to maintain relationships with existing clients and to accelerate its growth under the Cordium banner, with Cordium's deeper resources.

People
CEO Adam de Domenico will remain in role at Zodiac, supported by David Galea Souchet as COO. Michel van Leeuwen is group CEO of Cordium.

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• Topics
• Expansion
• Support services
• UK / Ireland
• Sovereign Capital
• United Kingdom