Fortis Prime Fund Solutions has acquired Hedge Funds Services (HFS), the largest fund administrator in the British Virgin Islands (BVI).
Fortos says at the end of 2005 HFS had approximately Euros 2 billion in assets under administration in 104 funds from 53 different fund managers, 90% of which are based in the US. These funds represent a variety of investment strategies, including long/short equities, convertible arbitrage, event-driven and funds-of-funds.
“Our commitment to grow our presence in niche markets, especially in the Americas, is materializing itself through this acquisition, which will strengthen the position of our fund servicing arm, Prime Fund Solutions in the hedge funds industry,” says Filip Dierckx, Fortis’s Merchant Banking CEO. “HFS enjoys an enviable reputation and will enable us to become the number one fund administrator in the BVI, which has become a key financial center in the Caribbean. We also warmly welcome HFS’s team of 18 highly skilled professionals which will constitute our 3rd Caribbean base for accelerated growth in the hedge fund services industry.”
Michael Kane, a Director at HFS, says the two firms complement each other, both geographically and in terms of product offering and corporate culture. “This can only lead to steady growth and confirmation of our leadership position in this specialized market,” he says. “At the same time, our customers will benefit from Fortis’ size and financial clout, its state-of-the art technology as well as a broader product offering and high service standards.”