Citco Sells Custody Processing Unit

Apr 23 2014 | 9:24am ET

A Deutsche Börse unit has bolstered its hedge-fund services unit with a deal with Citco Fund Services.

Clearstream will pay “in the mid double digit million euro range” for Citco’s Irish hedge fund custody processing business. The unit, with 300 employees, is based in Cork.

Clearstream will license Citco’s informational-technology infrastructure as part of the deal. No other terms of the transaction were disclosed.

The move will double the size of Clearstream’s custody processing business, which it launched three years ago.

“The additional business of Citco Global Securities Services’ hedge fund custody operation enables us to fast-track our standardization and automation initiatives in the hedge funds industry and to offer our financial institution customers a superior value proposition,” Clearstream head of fund services Philippe Seyll said. “The know-how and expertise in hedge funds operations we acquire from Citco, combined with our operational excellence in mutual funds, will enable our Vestima platform to become the leading international fund market infrastructure for all types of funds.”

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