BNP Paribas Securities Services has agreed to acquire Credit Suisse’s fund administration unit called Prime Fund Services (PFS) for an undisclosed sum.
The acquisition will result in a global fund administrator with combined alternative assets under administration (AuA) of US$231 billion.
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The deal, which is expected to close in the first half of 2015, will enable the firm to support the growing convergence between traditional and alternative managers.
In addition, the transaction will allow Credit Suisse to refocus its resources on its burgeoning prime brokerage business.
The deal comes part of BNP Paribas Securities Services’ strategy to develop its global fund administration franchise. ??
The acquisition will combine PFS’ administration expertise in the alternative investment sector and BNP Paribas Securities Services’ extensive custody and depositary network and global reach.
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By GlobalDataTerms of the transaction were not disclosed.
PFS is a provider of fund administration, custody and banking solutions for alternative investment managers and will allow BNP Paribas Securities Services to develop its global fund administration franchise.
