BNP To Buy Credit Suisse Administrator

Aug 4 2014 | 10:15am ET

BNP Paribas is bolstering its hedge-fund administration business with the acquisition of Credit Suisse’s.

BNP Paribas Securities Services announced that it would buy Credit Suisse’s Prime Fund Services unit and its operations in Europe, Asia and the United States. The transaction, terms of which were not disclosed, is expected to close next year.

PFS is significantly larger than BNP’s administration unit, with US$150 billion in assets to BNP’s US$81 billion. But the Swiss bank has committed to exit the asset servicing business, giving BNP to opportunity to nearly triple the size of its administration arm in one fell swoop.

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