Sanne Group

Sanne Group is a provider of asset management services. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Sanne Group
TypePublic limited company
LSE: SNN
IndustryFinancial services
Founded1988
HeadquartersLondon
Key people
Rupert Robson (Chairman)
Martin Schnaier (CEO)
Revenue£165.4 million (2019)[1]
£14.3 million (2019)[1]
£8.9 million (2019)[1]
Websitewww.sannegroup.com

History

Established in Jersey in 1988 to provide fiduciary services to private clients, Sanne started to work with corporate customers in 2003.[2]

Inflexion Private Equity supported Sanne's acquisition of State Street's corporate administration business and took a significant stake in Sanne in return for providing the funds in January 2013.[3]

Sanne was then the subject of an initial public offering on the London Stock Exchange in March 2015.[4] However, it attracted some criticism because it secretly signed up shareholders before announcing the floatation.[5] There was also some criticism that the company spent £11 million on the floatation.[6]

The company acquired Chartered Corporate Services, a Dublin-based business, in February 2016[7] and, more significantly, International Financial Services, a Mauritius-based business with $82 billion of assets under management,[8] in December 2016.[2][9] Then in September 2017, it bought Luxembourg Investment Solutions and Compliance Partners on an earn-out basis.[10] The rising volume of regulation also drove expansion.[11]

Following these acquisitions and some subsequent organic expansion, the company's growth rate was described by Investors Chronicle in March 2018 as "explosive".[12]

The succession planning arrangements attracted some criticism when the departure of Dean Godwin as Chief Executive was announced in January 2019 just 12 months after Spencer Daley left his post as chief financial officer; the news unsettled the market, as Godwin and Daley had led the initial public offering, and the share price fell 18% in a day.[13] The company sold its private client business to JTC plc in March 2020.[14]

In the wake of the Covid 19 pandemic, the company has benefited from customers focusing on the management of existing portfolios rather than new fund raising.[15] Commentators suggested that the fact that the pandemic has so far had a minimal impact on client delivery made the company a "rare prospect of earnings resilience".[16]

Operations

The company had £250 billion of assets under management as at 21 April 2020.[17]

References
  1. "Preliminary Results 2019" (PDF). Sanne Group. Retrieved 19 March 2020.
  2. "Jersey's Sanne Group to acquire Mauritius-based IFS for US$127.3m". International Investment. 1 December 2016. Retrieved 4 March 2017.
  3. "State Street Sells Capital Markets Corporate Administration Business to Sanne". Global Custodian. 28 January 2013. Retrieved 4 September 2020.
  4. "Inflexion makes 3.7x on Sanne Group IPO". Real Deals. 27 March 2015. Retrieved 4 March 2017.
  5. "Sanne Group takes undercover route to flotation". The Times. 27 March 2015. Retrieved 4 September 2020.
  6. "Sanne Group spent £11 milliin on float, has performed well since". Global Capital. 27 August 2015.
  7. "Sanne Group to buy Dublin-based Chartered Corporate Services". Digital Look. 11 February 2016. Retrieved 4 March 2017.
  8. "Jersey-based Sanne Group to acquire Mauritius fund administration business". S&P Global. 1 December 2016. Retrieved 4 September 2020.
  9. "Mauritius-based IFS bought for Rs 4.6 billion". Defimedia. 2 December 2016. Retrieved 4 September 2020.
  10. "Sanne Group To Buy Luxembourg Investment Solutions, Compliance Partners". RTT News. 29 September 2017. Retrieved 4 September 2020.
  11. "Sanne Group Thrives in a Rising Tide of Regulation". Barrons. 1 July 2017. Retrieved 4 September 2020.
  12. "Outsourcing demand boosts Sanne". Investors Chronicle. 22 March 2018. Retrieved 4 September 2020.
  13. "Sanne shares tumble as news chief executive to retire counters upbeat trading statement". Proactive Investors. 23 January 2019. Retrieved 4 September 2020.
  14. "Jersey's Sanne sells its private client business to JTC". International Investment. 17 March 2020. Retrieved 14 November 2020.
  15. "Sanne expects 'strong' first half earnings growth amid higher sales, margins". Shares Magazine. 28 July 2020. Retrieved 4 September 2020.
  16. "Sanne shines amid resilient claim". Investors Chronicle. 19 March 2020. Retrieved 4 September 2020.
  17. "Former Standard Life tech man joins Sanne". Funds Europe. 21 April 2020. Retrieved 4 September 2020.
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