“Ipes was a true pioneer in providing specialist, outsourced fund administration to the European private equity market. It had grown rapidly every year since its foundation in 1998. Before my arrival, private equity firm Silverfleet Capital had bought the company with the usual five year investment period expected,” explains Gardner. The company growth story up to this point was impressive in a relatively niche business services market. Revenue had risen 13% on average for eight successive years. Business growth was entirely organic. The firm had about 250 people managing more than 150 clients across five offices: Cork, Guernsey, Jersey, London and Luxembourg. “Because Ipes operated on a quarterly client billing cycle, it was only after about eight months that we began to

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