Website www.maitlandgroup.com Number of employees 1,300 | Founded 1976 Type Privately held company | |
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Key people Michael Solomon (Chairman), Steven Georgala (Chief Executive Officer) Services Fund administration, fiduciary, and investment consulting services. Subsidiaries Admiral Administration Profiles | ||
Maitland is a global advisory and administration firm providing multi-jurisdictional legal, tax, fiduciary, investment and fund administration services to private, corporate and institutional clients. The firm has in excess of US $280 billion assets under administration and is privately owned by management and staff, with services from 16 offices worldwide.
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History
Maitland was founded in 1976 in Luxembourg by the late Eric Pfaff, a South African lawyer. The group provided legal and tax expertise to South African corporates, including Anglo American plc and De Beers. In due course the executives of those corporates asked for private client services and they started 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, the firm acquired a management company InterOcean Management Services in Mauritius. In November 2012, the firm acquired Admiral Administration, a specialist hedge fund administrator in the Cayman Islands, along with its hedge fund technology platform "Advent". In 2015 the firm acquired Phoenix Fund Services to offer fund oversight and administration to investment trusts, Ucits, Nurs, QIS, hedge, private equity, real estate and VCT structures across Europe.
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 various jurisdictions. Maitland’s fund administration hub is based in the lower-cost jurisdiction of South Africa. The company operates 16 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 (Chelmsford and London) and United States (Miami, New York City and Virginia).
Management
The Chairman of the Board is Michael Solomon and the Chief Executive Officer is Steven Georgala.
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 on the $5.1 billion disposal of the family’s 40% interest in De Beers to Anglo American plc.
Awards and rankings
2015. Best administrator – under $30bn client service in the HFMWeek US Hedge Fund Services Awards, HFM Awards
2015. Finalist for Multi-Family Office Team of the Year, STEP
2015. Most innovative fund administrator under $30 bn, HFM Awards
2015. Best administrator – under $30bn single manager, HFM Awards
2015. Best Fund Administration Team, Investment Week Fund Services Awards
2015. Best European Hedge Fund Administrator, Hedgeweek Awards
2015. 1st in the archetype "Internationally Wealthy Family", Business Day Investors Monthly Top Private Bank & Wealth Manager Awards
2014. 1st in the archetype “wealthy executive” and 2nd in the archetype “internationally wealthy family”, Business Day Investors Monthly Top Private Bank & Wealth Manager Awards
2014. Best administrator – under $30bn overall, HFM Awards
2014. Best Fund Service Provider, Investment Week Fund Services Awards
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 private, not for profit business school that helps people who cannot access opportunities to jump ahead in life.