Wed, 31/08/2005 - 07:13
Fortis has decided to promote both its onshore and offshore fund servicing activities under one single brand name Fortis Prime Fund Solutions.
The move, designed to better fit client needs, will see Fortis Prime Fund Solutions servicing both traditional and alternative asset managers, providing fund administration, global custody, securities lending, clearing services and financing.
Fortis Prime Fund Solutions ranks among the top 3 of global offshore service providers and among the top five of Luxembourg onshore providers.
In the new setup, Fortis Prime Fund Solutions adminsters over USD 180 billion in assets on behalf of its clients, who will now be able to them to get access to the services of all Fortis fund-servicing entities through the same relationship channel.
Alex Elfers, CEO of Fortis Prime Fund Solutions, says: "The reality today is that
more and more of our larger clients want to have mutual funds and hedge funds in their product range," says Alex Elfers, CEO of Fortis Prime Fund Solutions. "Especially institutional investors look for regulated hedge funds and funds of hedge funds. Luxembourg has become the preferred on-shore domicile for such structures and 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 larger structure of Fortis Prime Fund Solutions opens a realm of new opportunities to the former BGL Fund Services. Not only can we combine our commercial efforts under one strong and internationally renowned brand name, but 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."
Background notes: Fortis Prime Fund Solutions now has operational offices in Luxembourg, Brussels, Dublin, Amsterdam, Cayman, Curaçao and Hong Kong as well as commercial offices in London, New York, Tokyo, Milan, Geneva and Frankfurt. With Fortis Prime Fund Solutions Bank (Ireland) the new entity has a dedicated banking licence, which is proof of its commitment to the business and gives it the necessary flexibility for financing funds. Fortis is also a large stakeholder of Fastnet, the leading European investment fund administration company.
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