Insurance firm Horseshoe Group has acquired fund administrator Ikonic Fund Services, which will kick Horseshoe's assets under administration to over $20 billion.
The firm, which has 70 employees, will focus on both the insurance linked securities market and the alternative fund market. Ikonic's outfit will be rebranded as Horseshoe Fund Services. Ikonic launched in 2007.
"We have partnered successfully with IKONIC since 2011 through our joint venture fund administrator, ILS Fund Services, providing fund administration and actuarial valuation services to ILS funds; therefore joining our respective teams is a natural progression," said Horseshoe CEO Andre Perez in a statement. "From the perspective of Horseshoe's existing clients, we are very excited to be able to offer a one stop shop for our clients that require both insurance and fund related services. In respect to IKONIC's clients, the combined companies will enable us to provide a larger global reach, a broader service offering and a stronger senior management team focused on delivering top notch service. Over the years Horseshoe has built relationships with a large number of institutional asset managers and investors which we expect will bring value to our newly acquired fund administration business and its future growth."
Ikonic's CEO, Ede Conyers, said in a statement that the transaction "will not involve any interruption to Ikonic's fund operations and therefore the transition to Horseshoe will be seamless for our clients."
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