Maitland will lift out the institutional fund administration operations of Africa-based money manager STANLIB, in a deal that will increase the firm’s assets under administration by $40 billion.
The deal, effective Oct. 1, will increase fund administration firm Maitland’s assets under administration to $260 billion. STANLIB staff members will move to a Johannesburg office to run the operations on Maitland’s administration platform.
“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,” said Steve Georgala, CEO at Maitland, in a news release.
The move will allow STANLIB, which has more than 551 billion South African rand ($44.3 billion) in assets under management and administration, to focus on its core business of investment management and distribution.