The FINANCIAL — CACEIS and EFG International reached an agreement on 17th January whereby the activities of SIF Swiss Investment Funds S.A., according to Crédit Agricole.
The Swiss-based fund administration business of EFG International, will be taken over by CACEIS 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 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.