INTERNATIONAL FINANCIAL SERVICES LIMITED (IFS GROUP)

The IFS Group is a leading Mauritius-based provider of fund and corporate administration services to corporates and alternative asset managers. Founded in 1993, the IFS Group provides services to more than 1,000 global entities, and has assets under administration in excess of $82 billion. The IFS Group has a large existing revenue base across funds and corporate structures for investment into India and Africa. The IFS Group has a largely institutional client base, with a high concentration of assets under administration being funded from the US or Cayman. The IFS Group is highly profitable and cash generative, reporting operating profit of US$18.4m in 2015 at an operating profit margin of c.65% and operating cash conversion of c.100%.