Sanne Group to Buy South African Hedge-Fund Administrator IDS

March 15, 2016

Sanne to pay initial cash amount of 201.6m rand and deferred consideration of 74.7m rand depending on IDS Fund Services final audited statements for yr through Feb. 29.

* Acquisition of Cape Town-based IDS will be immediately earnings enhancing;
* Conditional on regulatory approvals, some corporate actions to transfer ownership and control to Sanne;
* Purchase will broaden Sanne’s alternative asset capabilities; offers “lower cost operational platform that can be leveraged across the group”;
* NOTE: S.Africa Hedge Funds Grew AUM to 62.1b Rand in 2015, Asisa Says. Source: Bloomberg