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Ocorian has acquired a Luxembourg-based third party management company and fund administrator.
The firm says its acquisition of Allegro aims to boost its funds business, which currently offers administration and associated services, with 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," Ocorian CEO Farah Ballands said.
"Allegro’s recognised track record and focus on providing high quality client service will support Ocorian’s bold ambitions and growth plans.”
Simon Behan, CCO at Ocorian described the acquisition as "very exciting" due to the complementary nature of Allegro's business. "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," he stated.
Allegro CEO Thomas Fahl 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... We are looking forward to being part of Ocorian and to building on the success we have already achieved."
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