Financial services business Ocorian has completed the acquisition of Allegro, a Luxembourg-based third-party management company and fund administrator.
Allegro is fully licensed to provide ManCo and fund administration services to AIF, RAIF, non-AIF and UCITS funds. It has around €8.7bn in AUM, primarily in underlying investment strategies with a PE/RE focus.
Founded 12 years ago, Allegro's multiple regulatory licences allow it to provide comprehensive services in the alternative asset space.
Together, Ocorian and Allegro can offer a one-stop-shop for fund groups so they can centralise administration to 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.
According to Ocorian, the acquisition adds depth and breadth to its funds business, which currently offers fund administration and associated services across all investment structures, with specialisms in green energy, listed and private funds.
Ocorian CEO Farah Ballands said: “Acquiring Allegro is a major milestone for Ocorian, and the first acquisition since our merger with Estera earlier this year.”
Simon Behan, CCO at Ocorian, added: “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.”