Former Sanne execs set up new fund admin business

Marwyn Value Investors has invested £8m in Palmer Street, a fund administration service provider expected to be operational in 2024.

Palmer’s management team is made up of ex-Sanne Group senior professionals: CEO Martin Schnaier, CFO James Ireland, chief legal officer James Bermingham, chief strategy officer Jason Bingham and COO Phil Godley.

Sanne was acquired by Apex Group in August 2022 for £1.5bn.

Marwyn is the lead investor, with James Corsellis, chief investment officer of the firm, joining the board at Palmer.

Schnaier, CEO of Palmer, commented: "We are delighted to partner with Marwyn as we embark upon an exciting new journey of private capital servicing. We believe the industry has reached an inflection point and an opportunity exists to create a platform capable from inception of meeting the demands of a modern operating environment."