- The move is part of BNP Paribas Securities Services’ strategy to develop its global fund administration franchise
- The transaction is expected to close in the first half of 2015
BNP Paribas Securities Services, a global custodian with USD 9 trillion in assets under custody, has announced that it has agreed to acquire Prime Fund Services (PFS), a leading provider of fund administration, custody and banking solutions for alternative investment managers, from Credit Suisse. The move is part of BNP Paribas Securities Services’ strategy to develop its global fund administration franchise.
The transaction will result in a global fund administrator dedicated to alternative investment managers that will service over USD 231 billion of alternative assets and will be ideally positioned to support the convergence of traditional and alternative managers.
Clients will benefit from an enhanced, full service offering that brings together PFS’ administration expertise in the alternative investment sector and BNP Paribas Securities Services’ extensive custody and depositary network, and global reach, according to BNP Paribas Securities Services.
PFS employs staff in Europe, Asia and the United States. The transaction is expected to close in the first half of 2015.