Global fund services firm Zedra has announced it will acquire BFCS, the fund and corporate services arm of Banque Internationale à Luxembourg (BIL).
The transaction is subject to regulatory approval from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF).
Financial details were not disclosed.
Zedra said the acquisition “strengthens and compliments [its] existing fund and related corporate service offering in Luxembourg”.
BFCS has been operating for more than 50 years and offers a suite of services and solutions in both the corporate and funds sectors.
Its clients currently include high net worth individuals, asset managers, investment and real estate fund professionals.
The acquisition will boost Zedra’s presence in Luxembourg where it appointed Wim Ritz to the newly created role of global head of funds in October last year.
Upon regulatory approval of the deal, the BFCS business will be fully integrated within Zedra.
Ivo Hemelraad, Zedra chief executive, commented: “We have a great relationship with BIL. As Zedra continues to expand its network and service capabilities, we are very much looking forward to meeting and working closely with BFCS’ existing clients, fulfilling their aspirations and unlocking opportunities as they grow and develop.”
Wim Ritz added: “This is a significant milestone for Zedra as it will bring additional scale and expertise to our already fast-growing Luxembourg office. It underpins our view that Luxembourg is the hub and centre for excellence in the EU for fund management.”