Ocorian has announced it has entered into an agreement to acquire the Fund Solutions division of Element 78 Partners, a professional services provider headquartered in Chicago.
This acquisition, which is subject to regulatory approval, expands Ocorian’s presence in the US.
Ocorian will combine the E78 Fund Solutions team with its existing global fund services business, which will comprise more than 700 fund services and regulatory & compliance experts once the transaction completes. The E78 Fund Solutions team supports close to 200 alternative investment fund managers (with more than $85 billion in assets under management) throughout their lifecycle, from start to scale, through a diversified range of solutions including Outsourced CFO, Fund Administration, Regulatory Compliance and Tax services. E78 Fund Solutions is able to anchor client relationships from any one of its four service lines, which has enabled considerable growth across its solutions over the past several years.
Chantal Free, Chief Executive Officer at Ocorian, said: “Our fund services team has grown significantly through our relentless focus on clients, leveraging our unique combination of technology, people and processes. This acquisition is tremendously exciting for us as 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. 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. We support our European, Asian and US clients internationally and the expert capabilities of E78 Fund Solutions will enhance our funds proposition in this key region.”
Yegor Lanovenko, Global Co-Head of Fund Services at Ocorian, added: “E78 Fund Solutions comprehensive suite of CFO advisory, fund administration, tax and compliance services for alternative fund managers, combined with a strong presence in key US segments close to our clients, makes this a great partnership for Ocorian. This transaction significantly expands our fund services offering and scale in the US, allowing us to support managers at all stages of their fund lifecycle. 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. 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 (pictured), Director, Fund Services UK and Channel Islands at Ocorian, said: “Ocorian’s acquisition of E78 Fund Solutions marks a significant step in escalating its global fund services capability, and underscores our commitment to provide world class, global solutions to all our clients wherever located. The US is an important region for many clients and by incorporating a highly experienced US-based team into Ocorian, it enhances our global reach and the level of expertise available to our clients in the UK and Jersey.”
Vincent Calcagno, Executive Managing Director at E78 Fund Solutions also remarked: “We are incredibly proud of the Fund Solutions business we have built at E78, and we’re excited to have found the right partner in Ocorian, who shares our commitment to serving clients as a trusted business partner. A collective mindset of service excellence, investing in technology, innovation and our most important asset – our team – were also critical. It’s why 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.”
