Maitland Group

Maitland is a global provider of fund administration, multi-jurisdictional legal, tax, fiduciary and investment advisory services. The firm has in excess of US $200 billion assets under administration and is privately owned by management and staff, offering cross-border services from 13 offices, in the British Virgin Islands, Canada, Cayman Islands, Ireland, Isle of Man, Luxembourg, Malta, Mauritius, Monaco, South Africa (Cape Town and Johannesburg), United Kingdom and United States.

History

Maitland was founded in 1976 in Luxembourg by Eric Pfaff, a South African lawyer. The group provided legal and tax expertise to major South African corporates, including large mining houses such as Anglo American plc and De Beers. In due course the executives of those corporates asked for private client services. The firm was a pioneer in offering offshore services. In 1982 Maitland acquired a fiduciary business in Geneva.

In 2002, the firm converted from a law firm partnership to adopt the form of a company. In 2006, Steve Georgala was appointed as CEO. Through the acquisition of FinSource, a fund administration company based in Cape Town, South Africa, the firm further developed its international Fund Services business, which led to the adoption of the international SunGard administration platform in 2005.

Investment services were further developed post-2000 with the development of discretionary portfolio management and consulting and a suite of multi-asset class products in the Constantia brand.

In July 2012, Maitland acquired a management company InterOcean Management Services in Mauritius, now renamed Maitland Mauritius giving the firm a new platform from which to service access to the fast-growing African and Asian markets.

In November 2012, Maitland acquired Admiral Administration, a specialist hedge fund administrator headquartered in the Cayman Islands, enabling the group to add the hedge fund Advent technology platform to its fund administration offering and enter new markets.

Operations

Maitland’s holding company, Maitland International Holdings, is registered in Malta. The firm has associated law firms in England and Wales, the Isle of Man, Luxembourg and South Africa, as well as licensed trust, wealth management and fund administration entities registered in the various jurisdictions in which Maitland operates. Maitland’s fund administration hub is based in the lower-cost jurisdiction of South Africa.

Board

Michael Solomon, Chairman

Steven Georgala, Chief Executive Officer, EXCO member

Veit Schuhen, Chief Operating Officer, EXCO member

Grant Richardson, Chief Financial Officer, EXCO member

John Mills, Director

Herman Troskie, Director

Richard Koch, Non-executive Director

Stephen Kenyon-Slade, Non-executive Director

Notable deals

1999. Advised in respect of the migration of Anglo American Limited and Minorco SA from South Africa to the UK.

2001. Advised in respect of the $19 billion transaction to take De Beers private.

2002. Advised in respect of the disposal by Anglo American of its investment in ZCCM Investments Holdings to the Copperbelt Development Foundation.

2011. Advised Brait SE on the largest non-bank capital raising in the history of South Africa

2012. Advised NYSE-listed Flagstone Reinsurance on its cross-border merger with Validus

2012. Advised the Oppenheimer family in respect of the $5.1 billion disposal of the family’s 40% interest in De Beers to Anglo American plc for $5.1 billion.

Awards and rankings

2013. Admiral (a Maitland Group company) won Best administrator under $30bn overall in the HFM Week US Hedge Fund Services Awards.

2013. Admiral (a Maitland Group company) won Best North American Hedge Fund Administrator 2013.

2013. Maitland is ranked in Chambers UK.

2013. Iris Harvey and Anthony Markham, both partners at Maitland, have been recognised by Citywealth Leaders List.

2013. Maitland was named 2013 South African Funds Firm of the Year in the Finance Monthly Global Awards.

2012. Maitland won Acquisition International’s South African Fund Administrator of the Year Award.

2012. Maitland Group won Top Wealth Manager in South Africa for Established Entrepreneurs in the Business Day Investors Monthly Top Private Bank and Wealth Manager Awards.

2011. HFM Awards - Admiral (a Maitland Group company) was the winner for Most Innovative Fund Administrator under $30Bbn AUA.

2011. Hedgeweek USA Awards - Admiral (a Maitland Group company) won Best Offshore Hedge Fund Administrator.

Corporate social responsibility

Nelson Mandela Children’s Fund. Maitland is a Lifetime Founder Club Member of the Nelson Mandela Children’s Fund. In 1996 Maitland set up the UK affiliate for the fund which it provides financial and legal support, office space and infrastructure services.

Ditikeni Trust. The Ditikeni Trust owns 10% of Maitland’s South African fund services business. The financial benefits of this trust flow to 22 non-profit beneficiary organisations operating in South African rural communities.

Enlighten Education Trust. Maitland supports the Enlighten Education Trust, an integrated educational training and entrepreneurial development centre near Cape Town, South Africa.

TSiBA. Maitland supports TSiBA, a unique private, not for profit business school that helps people who cannot access opportunities to jump ahead in life.