Prime funds for BNP Paribas 01 August 2014London Reporter: Catherine Van de Stouwe
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Global custodian BNP Paribas Securities Services is acquiring Prime Fund Services (PFS) from Credit Suisse.
PFS is a provider of fund administration, custody and banking solutions for alternative investment managers and will allow BNP Paribas Securities Services to develop its global fund administration franchise.
The transaction will result in a global fund administrator service to alternative investment managers that will service over $231 billion of alternative assets.
Clients will benefit from a service combined of PFS’ administration expertise and BNP Paribas Securities Services’ custody and depositary network.
It is expected that the transaction will close in the first half of 2015.
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