CACEIS, European institutional securities services provider, has signed an agreement with fund administrator Olympia Capital International (and its affiliates) specialising in alternative investments, under which it is to acquire Olympia Capital International.
Completion of the transaction, for which financial terms were not disclosed, is expected in the fourth quarter of 2007, and is subject to standard regulatory approvals and closing conditions.
As part of the transaction, CACEIS intends to retain the senior management team of Olympia, providing continuity for clients.
The acquisition of Olympia Capital International will enable CACEIS to export its expertise to new geographic areas and extend its coverage to the North American time zones. It also closely follows the group’s recent acquisition in Switzerland (FidFund) and announcement of an agreement to acquire the custody activities of HypoVereinsbank in Germany.
“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,” says Oskar P. Lewnowski, Founder and Chairman of Olympia Capital International. “I am convinced Olympia Capital International has a bright future as part of CACEIS.”
Franois Marion, Chairman of CACEIS 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.”