BNP Paribas Securities Services has completed its acquisition of Credit Suisse’s Prime Fund Services (PFS) business, which offers fund administration, custody and banking services to alternative investment managers.
The acquisition means that BNP Paribas now has about $237 billion in assets under administration.
Patrick Colle, general manager of BNP Paribas Securities Services, said: “This acquisition is a key step in the development of our global fund business and puts us in a good position to support the convergence of traditional and alternative managers.”
“Our clients will benefit from the combination of PFS’ best of breed technology platforms and fund administration expertise with BNP Paribas’ broad asset servicing offering and geographical reach.”
The move comes after BNP Paribas expanded its depository banking network to help alternative managers to comply with the Alternative Investment Fund Managers Directive (AIFMD).
