Credit Suisse has entered into an agreement with Fortis Bank Nederland to purchase prime fund solutions business (PFS).

The acquisition is expected to enhance Credit Suisse’s offering to the alternative investment community through PFS’ services, which include independent administrative services, investor services, net asset value calculation, banking, custody and financing solutions.

PFS has been providing services to the alternative investment industry for over 40 years and currently services single-manager and fund of hedge funds from centers in Dublin, the Cayman Islands, Hong Kong and several other global locations.

Philip Vasan, head of prime services at Credit Suisse, said: “Credit Suisse and PFS will work together to provide hedge fund managers and their investors best-in-class solutions, and to address the growing demand for asset transparency, consolidated client reporting and improved operating standards for administrators. PFS is a strong fit with Credit Suisse’s client-focused, capital-efficient strategy and further strengthens our investment bank’s leading equities franchise by creating a more complete solution for our hedge fund clients.”

Jan van Rutte, vice-chairman of Fortis Bank Nederland, said: “We believe Credit Suisse’s leading brand and global reach, together with PFS’ industry-leading service proposition, will further enhance service to clients of PFS and Credit Suisse and propel the business globally.”