CACEIS to buy fund administration business of EFG International
French bank Credit Agricole's asset servicing group CACEIS has agreed to acquire SIF Swiss Investment Funds, a fund administration business of the private banking group EFG International.
SIF is one of the six third-party fund administrators in Switzerland, administering Swiss investment funds on behalf of its clients.
The agreement covers some 20 funds, accounting for over CHF800m in assets.
CACEIS deputy CEO Joe Saliba said that 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.
Financial terms of the transaction are not disclosed.
The transaction is subject to the approval of the Swiss Financial Market Supervisory Authority and the existing clients of SIF.
As of 31 December 2011, CAECIS has EUR2.3 trillion assets under custody and EUR1.1 trillion assets under administration.
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