HFS is the British Virgin Islands' largest independent full-service fund administrator. At the end of 2005 it had approximately E2 billion in assets under administration in 104 funds from 53 different fund managers, 90% of which are based in the US.
These funds represent a variety of investment strategies, including long/short equities, convertible arbitrage, event-driven and funds-of-funds.
Filip Dierckx, Fortis' CEO, commented: "Our commitment to grow our presence in niche markets, especially in the Americas, is materializing itself through this acquisition, which will strengthen the position of our fund servicing arm, Prime Fund Solutions, in the hedge funds industry."
He added, "HFS enjoys an enviable reputation and will enable us to become the number one fund administrator in the British Virgin Islands, which has become a key financial center in the Caribbean."