ACOLIN Fund Services (Zurich) and HUGO Fund Services SA (Geneva) have combined operations under a joint venture to strengthen their position in the global fund distribution market.

The two companies and other ACOLIN Group companies will be unified under the new joint venture, which will be called ACOLIN Holding.

The combined entity will service over 500 asset managers across the globe, offering them access to fund distribution services across the European Union and Switzerland, and work with more than 1300 funds.

ACOLIN Fund Services founder and CEO Daniel Hafele will become the CEO and chairman of the new entity, while HUGO Fund Services founder and CEO Yves Hervieu-Causse will become executive vice-chairman.

HUGO Fund Services co-founder Anne-Cathrine Frogg will manage a new business development unit, and join the group executive committee of ACOLIN Holding. The committee will also include ACOLIN Fund Services deputy CEO Viktor Fischer and head of clients relationship management Petra Arndts.

The merger has already secured the go-ahead from the Swiss Financial Market Supervisory Authority (FINMA).