Prime Fund Solutions, the division of Fortis Merchant Banking dedicated to servicing the traditional and alternative investment communities, has appointed Claude Noesen as a director of its Luxembourg sales and client relationship team.

According to Fortis, Noesen will play a key role in developing servicing business within the fast-growing Luxembourg investment fund market and take charge of enhancing and expanding service levels and product range for existing clients. He will also be responsible for introducing Prime Fund Solutions services to new clients and markets, principally in continental Europe.

He previously headed HSBC's the business development department in Luxembourg focusing on building the alternative client base, and in the past he has held various senior front office positions within the financial services industry.

Prime Fund Solutions says Luxembourg is a strategic component of its future development, with assets under administration and custody in the jurisdiction approaching EUR100bn. Fortis is one of the largest and longest-serving providers of administration, custody and finance to traditional funds, hedge funds, funds of hedge funds, private equity and real estate funds in the Benelux region.

'Claude's experience and extensive contacts should ideally complement Fortis's position as an integral part of the thriving Luxembourg fund administration centre, and will further drive the growth of Prime Fund Solutions in Luxembourg,' says the division's chief commercial officer Jaron van Dam. 'His recruitment is a very senior hire for Prime Fund Solutions and underlines our commitment to grow our fund servicing practice in Luxembourg.'

The Prime Fund Solutions business offers fund administration, cash management, clearing, custody, securities borrowing and lending, risk management and bridge and leverage finance to alternative and traditional investment managers worldwide.

It is part of Fortis Merchant Banking, which provides high-value tailor-made services to medium-sized companies, large corporations and institutions including cash and treasury management, debt, equity and structured finance, trading and financial risk hedging, financial advisory and structuring.