Press release
CACEIS reaches agreement with EFG International to take over the activities of SIF Swiss Investment Funds S.A.
(Paris, Zurich, 30 January 2012) CACEIS and EFG International
reached an agreement on
17th January whereby the activities of SIF Swiss Investment
Funds S.A. (SIF), the Swiss- based fund administration
business of EFG International, will be taken over by CACEIS
(Switzerland) S.A., the Swiss subsidiary of CACEIS. Terms are
not being disclosed. The takeover is subject to the approval
of the Swiss Financial Market Supervisory Authority (FINMA)
and the existing clients of SIF.
SIF is one of the six largest third-party fund administrators
in French-speaking Switzerland, administering Swiss
investment funds on behalf of its clients. The agreement
covers some 20 funds, accounting for over CHF 800 million in
assets. The decision by EFG International to exit the
business is as a result of its detailed business review, and
its desire to focus on its core business of private
banking.
Deputy Chief Executive Officer of CACEIS, Joe Saliba stated
that "the take-over of SIF Swiss Investment Funds'
business fits well with the CACEIS Group's international
development strategy and also serves to strengthen
CACEIS's position considerably in the Swiss market."
Managing Director of CACEIS (Switzerland) S.A., Philippe Bens
added, "through this operation, we gain a large, high-calibre
client base, which will benefit from being part of a powerful
international service provider with proven local expertise.
And with CACEIS' extensive business migration
experience, we will be able to ensure uninterrupted client
service at all times, through a seamless integration
process."
CACEIS is the asset servicing banking group of Crédit Agricole dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a comprehensive range of high quality products and services covering depositary and custodial services, fund administration, middle office services, fund distribution support and issuer services. With assets under custody of €2.3 trillion and assets under administration of
€1.1 trillion, CACEIS is one of the world market leaders in asset servicing and the largest depositary bank and the premier fund administrator in Europe (figures to 31 December 2011).
www.caceis.com
About EFG InternationalEFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International's group of private banking businesses currently operates in 30 countries, with circa 2,500 employees. EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange. www.efginternational.com
Press ContactsEFG International
Media Relations
Tel: +41 44 226 7387 mediarelations@efginternational.com
CACEIS Group
Claude Michaux
Tel: +352 4767 2792 claude.michaux@caceis.com
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CACEIS reaches agreement with EFG International to take over the activities of SIF Swiss Investment Funds S.A. |