LONDON, UK: MVIL (LSE: MVIL), a London-listed investment company, has announced that funds managed by Marwyn Investment Management LLP have made an investment of £8 million in Palmer Street Limited (Palmer), a new private capital servicing company.
Palmer is being set up by a team of former senior executives of Sanne Group plc, a FTSE 250 company that was taken private by Apex Group for £1.5 billion in August 2022. Palmer aims to provide a differentiated business proposition in the private capital servicing sector, which includes fund administration, corporate services, depositary services and investor reporting services for alternative asset managers.
Palmer’s management team consists of Martin Schnaier, James Ireland, James Bermingham, Jason Bingham and Phil Godley, who have all previously worked in senior leadership roles at Sanne Group plc. Palmer is expected to become an operational business in 2024, reflecting the time for regulatory approvals and compliance with non-compete undertakings. Marwyn will be the lead investor and James Corsellis, Chief Investment Officer of Marwyn Investment Management LLP, will join the Board of Palmer.
James Corsellis commented: “We are absolutely delighted to have the opportunity to invest with Martin and his co-founders. As a team they have an exceptional track-record, and we feel privileged that they have chosen Marwyn as their equity partner.”
Martin Schnaier, CEO of Palmer, commented: “We are delighted to partner with Marwyn as we embark upon an exciting new journey to redefine the future of private capital servicing. We believe that the industry has reached an inflection point and a unique market opportunity exists to create a platform capable from inception of meeting the demands of a modern operating environment.”
According to MVIL, the investment in Palmer is part of its strategy to back high-quality management teams with proven expertise and growth potential in attractive sectors. MVIL also has investments in other companies such as BCA Marketplace plc, Entertainment One Ltd and Zegona Communications plc.
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