Caceis to acquire alternative fund administrator Olympia Capital International
Caceis, a leading European institutional securities services provider, has signed an agreement to acquire fund administrator Olympia Capital International and its affiliates, which specialise in alternative investments. Completion of the transaction, for which financial terms were not disclosed, is expected in the fourth quarter, subject to regulatory approval.
Founded in 1990, privately-held Olympia Capital International has a staff of 230 professionals, offices in Bermuda, Dublin, Halifax, New York and Toronto, and administers around USD69bn in assets for funds domiciled in Bermuda, the Cayman Islands, the British Virgin Islands, Ireland and the US.
Olympia Capital has expertise in administering alternative asset categories including hedge funds, fund of hedge funds and private equity funds, and services a wide range of asset classes, from traditional equity hedge funds to more complex fixed income, multi-strategy, derivatives and commodity funds in both US and offshore structures. Caceis intends to retain the senior management team of Olympia, providing continuity for clients.
Caceis is a banking group dedicated to depositary and custodial services, fund administration and corporate trust services for institutional and corporate clients, and with a strong focus on alternative investment products, which it services in Luxembourg and Ireland.
Present in six European countries including France, Belgium, Switzerland and the Netherlands and with a total of 2,500 employees, Caceis is one of the world's leading providers of custodial services with USD2.6trn in assets, and is one of the leading European fund administrators with a total of USD1.3trn in assets under administration as of April 30. Caceis is jointly owned by Crédit Agricole and Natixis.
Caceis says the acquisition of Olympia will enable its to export its expertise to new geographic areas and extend its coverage to the North American time zones. The deal follows the group's recent acquisition of FidFund in Switzerland and the agreement to acquire the custody activities of HypoVereinsbank in Germany.
Says Oskar P. Lewnowski, founder and chairman of Olympia Capital International: 'After a rigorous review of strategic alternatives, we have concluded that joining Caceis is the right path for Olympia Capital International and our clients.
'Caceis is strategically positioned to continue the development of the considerable human resource and technology investments required to guarantee the high level of service our clients expect.
'Caceis' fund administration activities and its comprehensive custody, securities lending and foreign exchange services have substantial scale and expertise, from which our clients stand to benefit. I am convinced Olympia Capital International has a bright future as part of Caceis.'
Caceis chairman François Marion adds: 'The acquisition of Olympia Capital International ties in neatly with Caceis' goal of strengthening our service offering to the alternative investment funds industry and is a key part of Caceis' wider strategy of targeted international growth.
'Through the acquisition of this well-respected fund administration specialist, we not only gain a large, high-calibre client base but we also inherit a significant number of quality personnel who know the needs of those clients. We expect that all clients will appreciate the benefits of a more comprehensive service offering, in terms of both geographic scope and product range.'
Lazard and Calyon acted as financial advisers to Caceis in this transaction. G.C. Andersen Partners acted as financial adviser to Olympia Capital International.