Ocorian is set to expand its US presence with its latest acquisition.
The fund and corporate administration services provider has entered into an agreement to acquire the fund solutions division of Element 78 Partners LLC (E78), a professional services provider headquartered in Chicago.
Pending regulatory approval, Ocorian will combine the E78 Fund Solutions team with its existing global fund services business once the transaction completes, creating a 700-member team.
The E78 Fund Solutions team supports close to 200 alternative investment fund managers, with more than $85bn in assets under management, throughout their lifecycle.
Ocorian CEO Chantal Free called the acquisition “tremendously exciting”.
“It significantly expands our offering for US fund managers, broadening the range of services we can provide to fund clients and complementing our current capabilities in regulatory and compliance consulting,” she said.
“The US is an incredibly important region for our clients, who increasingly look to us to support them with globally consistent, expert-led and technology-enabled solutions across the globe.”
Yegor Lanovenko, Global Co-Head of Fund Services at Ocorian, felt E78’s approach to client service “aligned” with the firm.
“E78 Fund Solutions’ approach to simplifying operational, regulatory and strategic complexity for clients aligns with our value proposition and approach to how we partner with Ocorian clients,” he said.
“Working together with the talented E78 Fund Solutions team and deeply experienced executive leadership, we look forward to continuing to support US managers with local expertise while leveraging our global capabilities.”
Gerry Warwick, Director of Fund Services UK and Channel Islands, said the acquisition was an opportunity to “enhance” Ocorian’s reach and the “level of expertise” available to its clients in the UK and Jersey.
Vincent Calcagno, Executive Managing Director at E78 Fund Solutions, said: “We’re excited to have found the right partner in Ocorian, who shares our commitment to serving clients as a trusted business partner.
“I’m confident that our new partnership will enable us to accelerate our growth ambitions and enhance our value proposition for all our clients, all while enabling us to provide top-tier solutions in more locations.
“Our colleagues will benefit from our partnership with Ocorian as we are joining an institutional platform that will enable us to continue to lean into our entrepreneurial DNA.
“Together, we look forward to a future filled with expansive new opportunities and continued success for our clients and people.”