BNP Paribas Securities Services has completed the acquisition of Credit Suisse’s Prime Fund Services (PFS) business, a provider of fund administration, custody and banking services for alternative investment managers.
This acquisition makes BNP Paribas Securities Services a leader in the alternative fund administration space with USD237 billion in assets under administration.
Patrick Colle, General manager of BNP Paribas Securities Services, says: “This acquisition is a key step in the development of our global fund business and puts us in a good position to support the convergence of traditional and alternative managers.
“Our clients will benefit from the combination of PFS’ best of breed technology platforms and fund administration expertise with BNP Paribas’ broad asset servicing offering and geographical reach.”
BNP Paribas Securities Services currently provides asset owners and asset managers, including alternatives, with a range of fund administration, performance, risk monitoring and banking services. The bank recently expanded its depositary banking network, one of the largest in Europe, to help alternative managers comply with the Alternative Investment Fund Managers Directive (AIFMD).