Two Guernsey firms are merging to create the largest independent fund administration business in the Island.

In the 50:50 deal, described as a merger of equals, Anson Fund Managers Limited and Bordeaux Services (Guernsey) Limited will join forces and trade under the Anson name.

Peter Radford, of Bordeaux, who will be Chief Executive Officer of the merged entity, said that the move will provide critical mass and, importantly, enable the business to remain independent. Anson Principal John Le Prevost will become a Senior Director and Professor Richard Conder will become the new Chairman of Anson Group Limited.

There are a number of synergies and very little overlap between the two businesses which will have a combined headcount of around 45. Bordeaux specialises in private equity fund administration and open and closed ended funds, while Anson has a reputation for closed-ended work, including London-listed investment companies, limited partnerships and property and securitisation vehicles.

Anson's team includes a number of highly-qualified staff based in the UK who visit Guernsey regularly.

Mr Radford said: "We have both been in the business for around 14 years and we have grown as much as we can as individual businesses. We would rather be consolidators than consolidated. It's possible that there are too many fund administrators in the marketplace and, to develop to the next level, size is important."

Mr Le Prevost said that it was important to him that Anson remained independent of any large financial institution but had the critical mass to drive the business forward.

"The world we now compete in requires firms to have stature and substance. The merger ticks both boxes brilliantly. It accelerates the combined new Anson Group to become the largest independent fund administration company in Guernsey, however measured," he said.

"We will have a much stronger management team and a critical mass which will lead to new business opportunities. It will also provide a good opportunity for the staff because there are more career opportunities in a larger organisation."

Professor Conder said: "Some tremendous synergies have been created by this merger and a powerful new force in fund administration has emerged. I am delighted to be joining as Chairman at this exciting time in the development of the combined Bordeaux and Anson Group."

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