Farah Ballands, CEO of Ocorian;
Credit: Ocorian
Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, today announced the completion of its acquisition of Allegro S.à r.l., a Luxembourg-based third party management company (ManCo) and fund administrator.
Founded twelve years ago, Allegro is fully licensed to provide ManCo and fund administration services to AIF, RAIF, non-AIF and UCITS funds. It has around €8.7 billion in assets under management (AUM), primarily in underlying investment strategies with a private equity (PE) / real estate (RE)focus.
Allegro's multiple regulatory licences means it provides comprehensive services in the alternative asset space. Together Ocorian and Allegro aim to offer a one-stop-shop for fund groups and thus maximise the benefit of centralising their administration to create economies of scale.
Allegro's clients are large-scale institutional investors, international fund promoters and investment managers who are thought to benefit from institutional backing and a broader service offering in funds and corporate services globally.
Ocorian has considered this strategically important acquisition to add 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.
Farah Ballands, CEO of Ocorian, commented: "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".
Thomas Fahl, CEO of Allegro, added: "There is tremendous cultural compatibility between our firms, with each of us valuing the quality of our services and commitment to clients, staff and other stakeholders. Our partnership with Ocorian is a true enhancement of the services we offer our clients. An expanded international footprint and specialist expertise means we can continue to deliver the levels of personalised service our clients are used to and now can also offer a significantly broader range of fund and fiduciary solutions. We are looking forward to being part of Ocorian and to building on the success we have already achieved". Mr Fahl continued: "It will be business as usual for both Allegro's employees and clients. Our primary objective is to ensure that we retain the Allegro spirit and culture that has served its client base so well over the last twelve years".
Simon Behan, CCO of Ocorian, also stated: "This is a very exciting acquisition as Allegro's business is highly complementary to our existing offering. The combination of our two businesses provides an appealing service model, as fund groups seek to minimise costs by using one entity with two or more authorisations across multiple asset classes and fund types. Allegro is ideally placed to deliver full ManCo and fund administration services significantly enhancing our global funds offering".
Ocorian has offices in Luxembourg, Bermuda, the British Virgin Islands, Cayman, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Malta, Mauritius, the Netherlands, Singapore, the United Arab Emirates and the United Kingdom, as well as representative offices in the United States and Africa.
