- 3 min
CACEIS reaches agreement with EFG International to take over the activities of SIF Swiss Investment Funds S.A.
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's extensive business migration experience, we will be able to ensure uninterrupted client service at all times, through a seamless integration process.”