News

SGG Group announces two senior Board appointments

04/02/2019

SGG Group announces two senior Board appointments
Leading global investor services provider, SGG Group has appointed Serge Krancenblum to the new position of Group Executive Chairman and chair of the Group’s Supervisory Board and Mark Pesco as its new Group Chief Executive Officer (CEO). Both appointments are subject to regulatory approval.

Under Serge Krancenblum’s leadership SGG Group has become the 4th largest independent investor services firm in the world with the required scale and industry expertise across all segments.

As Group Executive Chairman, Serge will chair the Supervisory Board of the Group and act as an adviser and a trusted mentor to Mark, sharing experience, know-how and network. His focus will be on leading the M&A strategy and driving the group corporate social responsibility agenda. Serge will continue representing SGG at the highest level within the industry, with the authorities and key clients and prospects.

As Group CEO Mark is responsible for setting the strategic direction of the business and the day to day management of the business. A highly experienced and industry recognised figure Mark joined SGG Group as Group Segment Leader, Private Clients following the successful acquisition of First Names Group in 2018 where he previously held the role of CEO.

A Chartered Accountant, his significant experience in dealing with clients with wide ranging interests together with his distinctive leadership style has meant that he has enjoyed rapid progression throughout his career. His career includes a number of senior industry roles including Partner, Managing Director, Group Managing Director and CEO. He is well placed in managing a global business such as SGG Group having gained much of his own experience operating on the international stage having held senior positions in Singapore, Australia, London and Jersey.

Speaking about his new role Mark said:

“I feel extremely honoured to have been given this opportunity at this point in the Group’s evolution. Serge has been a tremendous catalyst in this business; his vision together with the support of our private equity partner Astorg has delivered us to where we are today; my job is to build on this success. The combination of our global scale and sectoral expertise together with our unrelenting focus on delivering a high touch service to our clients puts us in a unique position to service the evolving needs of our growing global client base. This is an exciting time to be taking on this role and I’m looking forward to the challenge”.

Serge Krancenblum, Group Executive Chairman congratulated Mark, saying:

“I am really pleased to have found in Mark the ideal candidate to succeed me as Group CEO. Being able to select someone of his calibre from within our own ranks evidences the incredible pool of experienced and talented people we have within our business. Mark is long recognised for his industry expertise, his unwavering passion for delivering superior client service and his highly personable leadership style. Knowing that the Group is in such capable hands leaves me free to take up my own new position as Group Executive Chairman with my full energy and commitment. I believe that together we make an extremely strong team.”

Commenting on these senior appointments, Astorg managing partner, François de Mitry said:

“When we acquired SGG, Serge began a mission to find the future Group CEO, someone capable of leading the type of dynamic group we wanted to build together. Thanks to the acquisition of First Names Group we found, in Mark Pesco, the right candidate to succeed Serge.

I am confident that their collective drive and expertise will prove itself to be an invaluable asset for the business.

On behalf of the Astorg team I wish both Serge and Mark continued success and I very much look forward to working with them and the rest of the SGG Executive Team as we continue on this exciting period of exceptional growth.

Notes to editors

About SGG

SGG Group is a leading global investor services firm providing a comprehensive range of compliance, administration, asset and advisory services to alternative investment funds, international companies, international families and entrepreneurs.

We help our clients realise their ambitions as they seek to keep pace with a changing environment. SGG Group attracts and retains the most experienced experts and invests in the industry’s leading technology platforms to deliver the highest quality service to our clients. We are among the most flexible providers in the sector and our entrepreneurial spirit drives us to find the best solutions for our clients.

With Assets under Administration exceeding USD 400bn SGG Group employs a global workforce of 2,450+ people located across its 24 jurisdictions.
Following a number of successful acquisitions completed in 2018 SGG Group comprises a number of stand-alone brands including – First Names Group, Moore Management, Viacert, Iyer Practice, Augentius and Lawson Conner.

For more information on SGG Group, please visit: www.sgggroup.com

About Astorg

Astorg is a European private equity firm with total funds under management of over €8 billion.

Astorg seeks to partner with entrepreneurial management teams to acquire European companies and create value through the provision of strategic guidance, experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialized, Astorg has gathered a valuable industry expertise in healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan, plus Senior Advisors based in Zurich, Paris and London.

For further information about Astorg: www.astorg.com

For further information please contact:
Alison Duffy
Group Marketing Leader Brand and Communications
T: +353 867780300
E: alison.duffy@sgggroup.com


Temporary Brexit permissions regime – Fund Notification window opens

09/01/2019

The Temporary Permissions Regime (‘TPR’) will allow most EEA-domiciled investment funds to continue to be marketed in the UK to new and existing investors for up to three years in the event of a ‘no deal’ Brexit, where there is no implementation period in place so the existing passporting arrangements between the UK and the EEA cease when the UK leaves the EU on 29 March 2019.

Fund managers wishing to continue to market passported funds in the UK after Brexit can now register for temporary permissions. The Financial Conduct Authority (FCA) notification window for the TPR opened on 7 January 2019, and it will remain open until 28 March 2019.

The TPR will allow EU-based firms and funds which currently access the UK market by way of an inbound ‘passport’ to continue to serve their UK customers for up to three years in the event that the UK exits the EU without a formal implementation period in place, giving them time to apply for full FCA authorisation. No reciprocal temporary permissions regime has yet been proposed by the EU for UK firms and funds which currently rely on outbound passports to serve customers in other EU member states.

Fund managers must notify the FCA which of their passported funds they wish to continue marketing temporarily in the UK under the TPR, via Connect. The FCA has published separate guidance to fund managers on how to notify. Notifying Firms will be given a time period, known as a ‘landing slot’ by the FCA, within which they are to submit their application for UK authorisation or variation of permission (“VOP”) to the FCA. The first ‘landing slots’ will be from October to December 2019 and the last will be from January to March 2021. The FCA will inform firms of their ‘landing slots’ after the UK’s exit from the EU. The FCA has launched a dedicated TPR webpage to explain the regime.

For EEA-domiciled investment funds, the FCA has stated that “once the notification window has closed, fund managers that have not submitted a notification for a fund will be unable to use the temporary permissions marketing regime for that fund”. It warned that managers will “not be able to continue marketing that fund in the UK on the same basis as they did before exit day” and that “the only exception to this is for new sub-funds of EEA UCITS that are in the temporary permissions marketing regime on exit day”. The FCA stated that it will be possible for such new sub-funds to enter the TPR after exit day. Fund Managers will be obliged to notify the regulator which of the sub-funds they want to enter into the TPR if a fund is divided into sub-funds. The FCA has confirmed there will be no fee for fund managers notifying it of which of their passported funds they wish to continue to market temporarily. Details of investment funds with a temporary permission will also be provided on the FCA Financial Services Register.

If you would like more information on the Temporary Permissions Regime or to discuss how our compliance solutions can assist your firm please contact jack.standen@augentiuscompliance.com


SGG Group completes acquisition of Augentius

07/12/2018

SGG Group, a leading investor services firm, backed by Astorg, is pleased to announce that regulatory approvals have been received and the transaction to acquire Augentius has successfully completed.

This acquisition reinforces SGG Group’s position as the 4th largest independent investor services firm and one of the top 3 independent administrators to the alternative investment community in the world, with the deal growing its assets under administration to over USD 400 billion, and further strengthens its reach and footprint.

The services offered by Augentius will complement SGG Group’s current funds offering, including a leading technological platform and experienced and specialist teams with a reputation for providing a high quality service.

The combined business offers a complete suite of fund administration, regulatory hosting, depositary, AIFMD reporting, regulatory compliance,  FATCA/CRS and investor solutions to institutional investors across 24 locations and employing over 2450 dedicated professionals.

Augentius will continue to operate under its existing brand name until further notice.

Justin Partington, Group Fund Solutions Leader at SGG, said:

“The completion of the Augentius’ acquisition marks a very important milestone for SGG. It reinforces our commitment to become the leading global partner for the alternative investment industry, offering a comprehensive spectrum of services to asset managers and their investors in all key fund domiciles.

Over the past two years, SGG has acquired a number of leading industry leaders including Augentius to help us achieve our global growth ambitions and our senior leadership team is dedicated to ensuring that those firms are well integrated to meet our overall long term goal of creating a sustainable firm for our clients and employees.”

Ian Kelly, Managing Director of UK and Ireland and former CEO and Executive Director of Augentius, commented:

“This is a hugely exciting time for our combined business, everyone within it and especially for our clients. We have found in SGG a partner that shares our values and our drive to build a sustainable business which provides the highest quality of service to fund managers and their investors. The remaining Augentius executive team has re-invested in the combined business as we strongly believe in the future of this firm. We look forward to working closely with our new colleagues to bring our combined business to new heights.’’

About Astorg

Astorg is a European private equity firm with total funds under management of over €4 billion. Astorg seeks to partner with entrepreneurial management teams to acquire European companies and create value through the provision of strategic guidance, experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialized, Astorg has gathered a valuable industry expertise in healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan, plus Senior Advisors based in Zurich, Paris and London.

About SGG

SGG Group is a leading global investor services firm providing a comprehensive range of compliance, administration, asset and advisory services to alternative investment funds, international companies, international families and entrepreneurs.

SGG Group has over 600 funds with Assets under Administration exceeding USD 400bn.

SGG Group is among the most flexible providers in the sector and our entrepreneurial spirit drives us to find the best solutions for our clients.

We help our clients realise their ambitions as they seek to keep pace with a changing environment. SGG Group attracts and retains the most experienced experts and invests in the industry’s leading technology platforms to deliver the highest quality service to our clients.

For more information on SGG Group, please visit: www.sgggroup.com.