Fortis, the Belgian financial services firm, has acquired Hedge Fund Services, the largest fund administrator in the British Virgin Islands....

Fortis, the Belgian financial services firm, has acquired Hedge Fund Services, the largest fund administrator in the British Virgin Islands. Terms of the transaction were not disclosed. HFS has approximately €2 billion ($2.3 billion) in assets under administration in 104 funds from 53 different fund managers – most of who are based in the US. “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,” said Filip Dierckx, chief executive of Fortis’s Merchant Bank, in a statement.