Credit Suisse acquires Fortis’ hedge fund unit

11 May 2010

Credit Suisse is to acquire Prime Fund Solutions (PFS), a hedge fund owned by Fortis Bank in the Netherlands.

Although financial details of the acquisition have yet to be revealed, the deal is expected to have minimal impact on the financial service provider’s capital resources.

The firm explained that the move will allow it to expand through PFS’ services, which include financial solutions, net asset value calculation and banking.

Philip Vasan, head of Prime Services at Credit Suisse, said: “Credit Suisse and PFS will work together to provide hedge fund managers and their investors best-in-class solutions, and to address the growing demand for asset transparency, consolidated client reporting and improved operating standards for administrators.”

He added that the acquisition complements the bank’s existing provision and should enable Credit Suisse to offer a “more complete solution” for hedge fund investors.

PFS has been working within the financial services industry for more than 40 years.

Earlier in the year, Credit Suisse reported a rise in profit in its financial results for the first quarter of 2010.

Figures from the bank revealed that it posted a net profit of 2.06 billion Swiss francs ($1.93 billion) during the period, up from the 2.01 billion Swiss francs seen in first quarter of 2009.

By Jim Ottewill

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