Zedra, a UK-based specialist fund service provider, has acquired BFCS, the fund and corporate services arm of Banque Internationale à Luxembourg (BIL).
The transaction, whose financial terms have not been revealed, is subject to regulatory approval from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF).
BFCS, which is in business for over five decades, provides a spectrum of services and solutions in both the corporate and funds sectors.
These include services such as central administration for alternative investment funds, as well as legal secretarial, domiciliation, management, accounting, investor reporting and ESG services.
BFCS’ client base currently comprises HNW individuals, asset managers, investment and real-estate fund professionals making this latest deal an ideal fit for Zedra.
Upon regulatory approval of the deal, the BFCS business will be fully integrated to Zedra. BFCS staff will move to the company’s existing offices in Luxembourg.
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Zedra CEO Ivo Hemelraad said: “As Zedra continues to expand its network and service capabilities, we are very much looking forward to meeting and working closely with BFCS’ existing clients, fulfilling their aspirations and unlocking opportunities as they grow and develop.”
Zedra global head of funds Wim Ritz called the deal a significant milestone for the company as it adds scale and expertise to its fast-growing Luxembourg office.
Ritz was appointed in October last year to the newly created role to signal the next stage of the company’s strategic goal to develop a robust international fund administration business.
Commenting on the deal, BIL Group international head and chairman of the board of BFCS Hans-Peter Borgh said: “The partnership with Zedra will allow us to extend our service for our clients here in Luxembourg but also in other regions.
“We are bringing together the expertise of BFCS and ZEDRA’s best-in-class processes and experience in the sector– with a strong objective of long-term growth.”
Last month, Zedra snapped up UK-based Inside Pensions, which provides occupational pension scheme governance support.
In September last year, the company snapped up London-based expansion advice specialist Fitzgerald & Law.