Fund Management

Luxembourg-Based Fund Services Operator Consolidates Service

Stephen Harris 23 August 2005

Luxembourg-Based Fund Services Operator Consolidates Service

Luxembourg-based Fortis Bank can now service traditional and alternative fund managers from the same division after a restructuring of its o...

Luxembourg-based Fortis Bank can now service traditional and alternative fund managers from the same division after a restructuring of its onshore and offshore fund services into one unit called Fortis Prime Fund Solutions. The unit will offer fund administration, global custody, securities lending, clearing services and financing. The merged business has over $180 billion in assets under administration and now ranks among the top three global offshore service providers and top five onshore providers. According to Fortis the consolidation is client driven. “The reality today is that more and more of our larger clients want both mutual funds and hedge funds in their product range,” said Alex Elfers, chief executive officer at Fortis Prime Fund Solutions in a statement.

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