Acquisition is a major milestone for Ocorian
OCORIAN – which has offices in Guernsey and Jersey – has completed the acquisition of Allegro S.à r.l., a Luxembourg based third party management company and fund administrator.
Founded 12 years ago, Allegro has around 8.7bn euros in assets under administration. Its clients are large-scale institutional investors, international fund promoters and investment managers.
The object of the tie-up is to offer a one-stop shop for fund groups so they can maximise the benefit of centralising their administration to create economies of scale.
Ocorian also said the strategic acquisition added depth and breadth to its funds business, which currently offers fund administration and associated services across all investment structures – with particular specialisms in green energy, listed and private funds.
‘Acquiring Allegro is a major milestone for Ocorian and is the first acquisition that has completed since our transformational merger with Estera earlier this year. Allegro’s recognised track record and focus on providing high quality client service will support Ocorian’s bold ambitions and growth plans,’ said Farah Ballands, chief executive officer at Ocorian, pictured.
Mel Torode, managing director, Ocorian Guernsey: said: ‘Luxembourg continues to have a strong presence within the global fund industry and, whilst a competitor jurisdiction to Guernsey, clients continue to want and expect administrators to offer cross-jurisdictional services. Working alongside our new colleagues in Luxembourg only strengthens our position and will ultimately contribute to our success in Guernsey.’
