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From Komfie Manalo, Opalesque Asia: Ian Hamilton, CEO of Investment Data Services (IDS), the Cape Town, South Africa-based hedge fund administrator, said to Opalesque his firm plans to acquire the assets of Tennyson Fund Solutions, a small fund administrator based in the U.K., for an undisclosed amount.
In an interview, Hamilton said IDS is just awaiting approval from state regulators in South Africa before a formal deal is sealed.
Founded in 2002, IDS is currently a $5bn hedge fund with 165 clients in South Africa. The acquisition of Tennyson will give IDS a stronghold in Europe. The merged firm will be rebranded as IDS Tennyson, he said.
Under the proposed deal, four Tennyson employees will remain in England, but most of the accounting works for European clients will be handled by IDS staff in South Africa.
The death of Tennyson founder Tony Stocks in October last year drew speculations about the uncertainty of the future of the firm. Stocks, formerly the global head of administration at industry giant Citco Fund Services, founded Tennyson in 2007.
In August 2008, Moneyweb.co.az, reported that IDS is looking after hedge funds totalling R50bn.
Assets under IDS administration totalled R30bn in 2007, on the hedge fund side, exceed R35bn in 2008. Another R15bn of custody services brings total funds to R50bn as of last year.
Ian Hamilton was also one of the participants at the recent Opalesque Sout...................... To view our full article Click here
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