Horseshoe Group has acquired IKONIC Fund Services (IKONIC) to form an independent fund administrator and insurance manager dedicated to both the Insurance Linked Securities and the alternative fund markets.
The transaction, which closed last week subject to customary regulatory approvals, will further solidify Horseshoe’s stance as the largest independent insurance manager to the Insurance Linked Securities (ILS) market and expand its service offering to now include fund administration. Post-acquisition, Horseshoe will have in excess of USD20 billion in assets under administration.
IKONIC, an independent, specialised fund administrator providing services to hedge funds, private equity funds, real estate funds and ILS funds, will be rebranded as Horseshoe Fund Services later this year.
Horseshoe CEO Andre Perez (pictured), says: “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. 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.”
Ede Conyers, CEO of IKONIC Fund Services, adds: “I am so proud of what we have achieved at IKONIC since we started in 2007, which is why it was very important to the senior management team that we found a partner that had the same core values as us. Similar to IKONIC, Horseshoe prides itself on truly partnering with clients and becoming an integral part of their success. IKONIC’s clients and their investors will continue to receive the same best in class service, from both the existing management team and the IKONIC employees, but now will also be supported by a larger company and a very talented senior management team. The transaction will not involve any interruption to IKONIC’s fund operations and therefore the transition to Horseshoe will be seamless for our clients.”