Mergers & Acquisitions / Joint Ventures

Credit Suisse agrees deal to buy Fortis PFS unit


Credit Suisse has agreed the terms to buy Fortis Bank Nederland’s hedge fund administration business, Prime Fund Solutions (PFS), with the transaction expected to close before year-end. The sale price has not been disclosed.

Fortis announced this week that an agreement has been signed. This follows months of discussion, with the two firms having entered into exclusive negotiations in December.

Fortis had earlier conducted a strategic review, which concluded that it should refocus on its banking activities and seek a new owner to continue the growth of the hedge fund servicing business.

“We are delighted with this announcement,” said Erik Jens,