Clearstream acquires Citco fund services subsidiary

Deal worth €40 million-50 million

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Post-trade services provider Clearstream has agreed to buy a hedge fund services subsidiary of administrator Citco for between €40 million and €50 million.

The deal will give Clearstream access to Citco's Ireland-based Financial Institution Hedge Fund custody processing unit, which currently holds €40 billion of assets under custody.

Luxembourg-headquartered Clearstream will gain 300 of Citco's 1,000 Irish employees, as well as licences to use the Cork-based unit's IT infrastructure.

Philippe Se