European Fund Administration, the administrator owned by four European banks, has signed a partnership agreement with Asset Management Services S.p.A. (AMS), an Italian fund administrator.
As part of the agreement, AMS acquires 100pct of Servizi SGRpA, in which EFA previously held a 34pct stake, while EFA obtains 10pct of AMS's equity with the option of raising its ownership to 25pct by 2012. The Servizi acquisition will see AMS growing assets under administration from EUR12.7bn to EUR19bn, making it the largest independent provider of fund administration services in Italy. EFA administers EUR80bn for more than 200 clients.
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