WAY Group acquires IFDS' £3.7bn ACD business

WAY Group has acquired International Financial Data Services (IFDS)' ACD business in a deal which has made it the second largest player in the space.

Investment Week revealed last November the firms had entered final stage negotiations and a deal was imminent. WAY Fund Managers has now confirmed the acquisition, which has quadrupled assets in WAY’s ACD business to £4.5bn. WAY is now second only in the UK third party space to Capita, which has £18bn under management. Peter Hugh Smith, CEO of WAY Fund Managers, said the acquisition will enable the firm to serve both boutique fund houses and the larger asset management firms in the market. “The acquisition gives us the scale and capabilities to take our ACD services to a much broad...