Fortis Bank Nederland (FBN) has signed an agreement on the sale of Prime Fund Solutions (PFS) to Credit Suisse.
FBN first entered into exclusive negotiations with Credit Suisse on the sale of PFS in December 2009, and the transaction, which is subject to certain conditions, is now anticipated to close before the end of 2010.
“This step allows FBN to re-focus on its core banking activities," says Jan van Rutte (pictured), Vice-Chairman Fortis Bank Nederland. "We are confident that with Credit Suisse as the new owner, PFS will expand its market leadership through continued client servicing at the highest standards.”
Erik Jens, CEO Prime Fund Solutions, adds: "PFS has a long and successful history of providing exceptional service and extensive range of fund administration, banking, custody and financing services to leading alternative investment funds globally. We are delighted with today’s announcement. Credit Suisse recognises the strengths of our business and its entrepreneurial approach mirrors the culture within PFS.
"This transaction creates a range of additional opportunities for PFS to further strengthen its leading global position in the alternative industry and accelerate growth for the benefit of our clients. Our product and service offering will continue to be seamless and business continuity for our clients and their investors will not be affected by the transaction. PFS will continue to have its outside in view with product leadership, client partnership and operational excellence as drivers for further growth together with our clients.”
