Hedge Funds Review Magazine – Credit Suisse is to buy Fortis Bank Nederland’s hedge fund administration unit Prime Fund Solutions (PFS) after months of negotiation.
News that the two banks were in talks broke in December 2009. Fortis has now announced agreement has been reached. A spokesperson said the price of the deal would not be disclosed.
Credit Suisse has signed a sale and purchase agreement with Fortis and it is expected that the sale will complete before the end of the year.
