EFG International has sold its Swiss fund
administration business SIF Swiss Investment Funds to Crédit
Agricole’s Swiss asset servicing division CACEIS for an undisclosed
sum.

Under the agreement, CACEIS’s Swiss subsidiary
will control 20 funds accounting for more than CHF800m ($874m) in
assets.

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The sale is the latest part of a major
strategic review at EFG International that began in October last
year to re-focus its business on private banking.

 

Continued cost-cutting
drive

The restructuring effort is expected to see
the Swiss private bank cut staff by 10-15% over the next 18 months,
reduce its offices and booking centres internationally and publicly
list EFG Financial Products.

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In January, EFG International closed its
Lugano office due to challenging financial conditions and sold EFG
Bank Denmark to SEB Wealth management.

The takeover is subject to the approval of the
Swiss Financial Market Supervisory Authority (FINMA) and the
existing clients of SIF.