Maitland Inks Lift-Out Deal With STANLIB, Boosting AUA by $40B

Jul 21 2015 | 5:57pm ET

Global fund advisor and administrator Maitland has inked an agreement with one of Africa’s largest fund managers to lift out its traditional institutional fund administration operations.

The deal with South Africa-based STANLIB will be effective October 1st. It will boost Maitland’s assets under administration by $40 billion, bringing the company’s total to more than $260 billion and ranking Maitland among the world’s largest fund administrators. 

The move comes as Maitland digests its recent acquisition of UK fund administrator Phoenix Fund Services, and provides a significant boost to Maitland’s already impressive African footprint. Following completion of the transaction, Maitland will be the pre-eminent fund administrator on the continent.

The lift out will see Maitland assimilate STANLIB staff into a new Johannesburg office, where they will perform operational duties on the Maitland administration platform. The new office is also expected to provide access to a new talent pool located in Johannesburg in addition to its traditional Cape Town hub.

“This deal is evidence of just how high the threshold for talent and technology investment is becoming for asset managers who conduct their administration in-house,” noted Steve Georgala, CEO of Maitland. “The merits of outsourcing to specialists such as Maitland will only become more apparent in such an environment.

STANLIB’s decision to outsource its institutional back office is in line with a growing global trend toward the adoption of independent third party administration.

“In line with global best practice, STANLIB has identified Maitland as a strategic partner offering the capabilities that will allow us to focus on its core business, namely customer service, investment returns and distribution,” said Stewart Rider, COO of STANLIB, said in a statement. “This deal will assist STANLIB in achieving its 2020 strategy of becoming the preferred asset manager for assets destined for Africa.”

Founded in Luxembourg in 1976, Maitland is a specialist in complex, cross-border solutions for fund, family office and corporate services. The firm is privately owned and fully independent, with over $260 billion in assets under administration.

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