Ocorian boosts funds offering with Allegro acquisition
Ocorian has acquired Luxembourg-based third party management company and fund administrator, Allegro, as it embarks on creating a ‘one-stop-shop’ for fund groups.
Allegro is fully licenced to provide third party management and fund administration services to AIF, RAIF, non-AIF and UCITS funds. It has circa EUR8.7 billion in assets under management, primarily in underlying investment strategies with a private equity real estate focus.
Founded 12 years ago, Allegro’s multiple regulatory licences allows it to provide comprehensive services in the alternative asset space. Together, Ocorian and Allegro hope to offer a one-stop-shop for fund groups so they can centralise their administration and create economies of scale.
Allegro’s clients are large-scale institutional investors, international fund promoters, and investment managers who will benefit from institutional backing and a broader service offering in funds and corporate services globally.
This acquisition adds depth and breadth to Ocorian’s funds business, which currently offers fund administration and associated services across all investment structures, with particular specialisms in green energy, listed, and private funds.
Farah Ballands, CEO of Ocorian, says: “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. Allegro’s recognised track record and focus on providing high quality client service will support Ocorian’s bold ambitions and growth plans.”
Thomas Fahl, CEO of Allegro, adds: “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. An expanded international footprint and specialist expertise means we can continue to deliver the levels of personalised service our clients are used to and now can also offer a significantly broader range of fund and fiduciary solutions. We are looking forward to being part of Ocorian and to building on the success we have already achieved.
“It will be business as usual for both Allegro’s employees and clients. Our primary objective is to ensure that we retain the Allegro spirit and culture that has served its client base so well over the last twelve years.”
Simon Behan, CCO of Ocorian, says: “This is a very exciting acquisition as Allegro’s business is highly complementary to our existing offering. 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. Allegro is ideally placed to deliver full ManCo and fund administration services significantly enhancing our global funds offering.”