BNP Paribas Securities Services is to acquire Prime Fund Services (PFS), a 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.
The offering brings together PFS’ administration expertise in the alternative investment sector and BNP Paribas Securities Services’ extensive custody and depositary network and global reach.
PFS employs staff in Europe, Asia and the US.
The transaction is expected to close in the first half of 2015.