Ocorian has wrapped up the purchase of third party management company (ManCo) and fund administrator Allegro, which serves AIF, RAIF, non-AIF as well as UCITS funds.
Financial terms of the transaction were not disclosed.
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Ocorian CCO Simon Behan called Allegro a “highly complementary” fit.
“The combination of our two businesses provides an appealing service model, as fund groups seek to minimise costs by using one entity with two or more authorisations across multiple asset classes and fund types,” Behan noted.
Headquartered in Luxembourg, Allegro manages €8.7bn ($9.4bn) in assets and has multiple regulatory licences.
The combination of the business with Ocorian is said to create a “one-stop-shop for fund groups”.
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By GlobalDataCalling the two firms culturally compatible, Allegro CEO Thomas Fahl said: “An expanded international footprint and specialist expertise means we can continue to deliver the levels of personalised service our clients are used to and now can also offer a significantly broader range of fund and fiduciary solutions.”
With $260bn in assets under administration, Ocorian specialises in corporate and fiduciary services, fund administration and capital markets.
The business has a presence in Bermuda, BVI, Cayman, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Luxembourg, Malta, Mauritius, Netherlands, Singapore, UAE and the UK.
It also has representative offices in the US and Africa and a staff strength of 1,250.
The latest deal comes shortly after Ocorian’s merger with Estera.
