CACEIS to buy EFG's FA business 31 January 2012Paris Reporter: Anna Reitman
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EFG International has agreed to sell its fund administration business, Swiss Investment Funds, to CACEIS.
SIF is one of the six 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 in assets. The decision by EFG International to exit the business is 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 said, “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's extensive business migration experience, we will be able to ensure uninterrupted client service at all times, through a seamless integration process.”
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