AnaCap's IFG Trust acquires Moore Group

Carmen Reichman
16 November 2012

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AnaCap Financial Partners's portfolio company IFG Trust and Corporate Group has acquired Jersey-based PE fund administrator Moore Group, marking a consolidation trend that some believe is rife in international fund administration.

This was IFG Trust's first bolt-on acquisition since its MBO in July in which it split from IFG Group PLC. The company, which is currently undergoing a rebrand to establish itself as a corporate service provider independent of the IFG name, plans to grow internationally and leverage on Moore's fund administration business and geographical reach, especially in the Far East.

Moore will run as a subset of the new brand, retaining its own name and trademark, with founder Ian Moore assuming the role of executive chairman.

The transaction adds to a consolidation theme that is apparent in fund administration groups with strong PE clients bases, said Mike Jewell, partner at Cavendish Corporate Finance, which advised on the transaction, refering to the tough times the industry has faced over the past few years.

He commented in a statement: "The deal is a great fit for both parties and illustrates the strong consolidation trend that is sweeping international fund administration. Bigger players continue to hunt for more specialist operators, which have particular skills sets and dedicated client bases, to bolster their revenues and expand their geographic and service offerings as well as benefit from economies of scale in areas such as technology infrastructure and compliance"

Company
Moore Group was established by Ian Moore in 1996. The company is based in Jersey where it acts as a fund administrator to international private equity funds, administering assets in excess of $17bn.

Advisers
Company - Cavendish Corporate Finance (M&A); Olswang (Legal); KPMG (Due diligence).