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The Orangefield Group has expanded its fund services division by acquiring a significant interest in Legis Fund Services Limited to increase its assets under administration to over $50 billion.
Legis says the move, which has obtained regulatory approval, will benefit its clients by providing access to a wide range of global markets.
Changing its name to Orangefield Legis Fund Services Limited, the Guernsey business will continue to be headed up by Managing Director Patricia White working with Group Chief Executive Officer Stuart Platt-Ransom’s, and the business will be integrated into the existing Orangefield fund administration division. Both will retain a shareholding in the business, as will the rest of the Guernsey employees and external investor Bailiwick Investments Limited.
The 50 Guernsey staff will remain the prime contacts for their clients with additional support by Orangefield’s 600 specialist employees in 20 countries in the Americas, Europe, Asia and Africa.
Legis Fund Services Limited focuses on all classes of alternative investment funds, including listed, hedge, private equity, and real estate funds, and supports clients all over the globe. As it is located in Guernsey, an important location for fund setup worldwide, the acquired company forms a significant geographical gain for Orangefield. As a part of Orangefield, the Legis team will benefit from a broader suite of products and additional resources.
“We are often seeing clients who might have fund structures in the Channel Islands, Cayman and the Far East, or whose fund structures encompass the use of SPVs in a number of countries,” says Mr. Platt-Ransom. “It is much more efficient for them to be able to rely upon one single service provider that can operate across all these jurisdictions. In most respects it will be business as usual. Our service will not be disrupted in any way by this welcome development and clients will continue to deal with the Legis team members with whom they already enjoy a close working relationship.”
Joep Bruins, Chief Executive Officer of Orangefield, says that Orangefield is proud to add the ambitious, quality oriented Legis company to their group.
“They share our vision for continuous growth and development. Though they already have award-winning service, like us they believe that getting better never stops.”
Earlier this year the Legis trust and corporate services business was acquired by the Bank of N. T. Butterfield & Son. Legis Tax Services, which was founded in October 2012, will continue to offer tax, compliance and advisory services.
