CACEIS has acquired the Swiss-based fund administration business of EFG International, under an agreement reached Jan. 17. The terms of the deal were not disclosed.
Swiss Investment Funds (SIF) is one of the largest third-party fund administrators in French-speaking Switzerland, administering Swiss investment funds on behalf of its clients. The agreement covers some 20 funds, accounting for over CHF 800 million (663.69 million) in assets.
EFG International took the decision to exit the business as a result of its detailed business review, and its desire to focus on its core business of private banking.
Deputy CEO of CACEIS, Joe Saliba stated that “the take-over of SIF Swiss Investment Funds’ business fits well with the CACEIS Group’s international development strategy and also serves to strengthen CACEIS’s position considerably in the Swiss market.”
Managing Director of CACEIS (Switzerland), Philippe Bens added, “through this operation, we gain a large, high-calibre client base, which will benefit from being part of a powerful international service provider with proven local expertise. And with CACEIS’ extensive business migration experience, we will be able to ensure uninterrupted client service at all times, through a seamless integration process.”
The takeover is subject to the approval of the Swiss Financial Market Supervisory Authority and the existing clients of SIF.
(JDC)