Inflexion Private Equity pulls off a double deal

Inflexion Private Equity has announced its investment in Sanne Group (“Sanne”), the Jersey-headquartered fiduciary services business, and at the same time Sanne’s proposed acquisition of State Street’s capital markets corporate business.

Sanne had its origins with Jersey law firm Crill Canavan, and has quietly grown to become a significant provider of fiduciary services, with a team of around 160 people.  In addition to its headquarters in Jersey, Sanne has offices in Luxembourg, London, Dublin, Dubai, Hong Kong and Shanghai. 

State Street’s capital markets corporate business had its origins in another Jersey law firm – Mourant Ozannes.  It was sold to State Street by Mourant in 2010 as part of a wider acquisition of the Mourant International Finance Administration (“MIFA”) corporate and fund administration business.   It is believed that the sale will enable State Street to focus on its core alternative fund administration business.

Dean Godwin, who was previously with State Street and MIFA, joined Sanne last year, and has been appointed as its CEO.  The acquisition therefore sees him re-joined with his former team, and will help with continuity and integration.

The combined business, which will offer three core business lines (corporate and institutional, fund administration and private wealth) will have roughly 200 employees, making it one of the largest independent fiduciaries in the Channel Islands, and the market leader in capital markets vehicles.

The acquisition of the State Street corporate business is subject to regulatory approval and Sanne hope to have completed the transaction by the end of April.

The transaction was led by Richard Swann and Flor Kassai, who will join the board as non-executive directors.