Fortis sells fund administration arm to Credit Suisse
Fortis Bank Nederland (FBN) has agreed to the sale of its fund administration unit, Prime Fund Solutions(PFS), to Credit Suisse.
Closing of the transaction is subject to satisfaction of certain conditions; it is anticipated this will occur before the end of 2010.
Since its inception in 1969, PFS has acted as a provider of fund administration, banking, custody and financing services to alternative investment funds globally.
The sale is expected to enable the expansion of PFS's market presence, while allowing Fortis to re-focus on its core banking activities.
FBN entered into negotiations with Credit Suisse in December 2009.
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