Thu, 14/07/2005 - 07:11
Fortis has decided to merge all its offshore and onshore fund servicing activities under a single group, Fortis Prime Fund Solutions.
In practical terms, this means that the onshore fund services delivered through the fund services department of Banque Générale du Luxembourg and the offshore services delivered through Fortis Prime Fund Solutions will now be merged and steered by a common Management Team.
Fortis Prime Fund Solutions now services alternative and traditional asset managers with fund administration, global custody, securities lending, clearing services and financing. Thanks to its extensive network of operational centers, Fortis Prime Fund Solutions covers all three time zones.
The service team based in Luxembourg has a long tradition in serving long-only managers with mutual fund set-ups and ranks among the top 5 of Luxembourg service providers. Fund accounting and transfer agency services are provided by the Fastnet Group present in several European countries.
Alex Elfers, CEO of Fortis Prime Fund Solutions, said: "More and more clients want to have mutual funds and hedge funds in their product range. Especially institutional investors look for regulated hedge funds and funds of hedge funds. Luxembourg has become the preferred onshore domicile for such structures - now we are able to accompany our clients there in a seamless way. The Luxembourg operations are an important element in the strategy of Fortis Prime Fund Solutions and will form an integral part of our global service offering".
Jacques Bofferding, deputy CEO of Fortis Prime Fund Solutions, adds: "The integration into the larger structure of Fortis Prime Fund Solutions opens a realm of new opportunities. We can combine our commercial efforts under one strong and internationally renowned brand name, and we also gain operational knowledge allowing us to better serve the fast growing hedge fund community in Luxembourg. Our clients will see our commercial name change and our service offer widen. People executing and supporting the business will continue to operate out of Luxembourg."
In its new set-up, Fortis Prime Fund Solutions will process daily some USD 180 billion of assets in over 1,400 funds for its clients, ranking among the top global funds service providers.
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