The services provider, used by clients including HNW individuals, family offices and banks, continues to expand via M&A as well as organic growth.

Ocorian, the provider of fund and corporate administration services and regulatory solutions to clients such as asset managers and HNW individuals, has agreed to buy fund solutions division of Element 78 Partners, a Chicago-headquartered firm.

The acquisition, of which the financial terms were undisclosed, is subject to regulatory approval, Ocorian said yesterday in a statement. .

Ocorian will combine the E78 Fund Solutions team with its global fund services business, which will comprise more than 700 fund services and regulatory and compliance experts once the transaction completes. 

The firm is widening its US coverage. Last December, Ocorian bought another US firm, EdgePoint Fund Services. 

The E78 Fund Solutions team supports almost 200 alternative investment fund managers (with more than $85 billion in assets under management), with solutions including outsourced chief financial office, fund administration, regulatory compliance and tax services.

“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,” Chantal Free, CEO of Ocorian, said. “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.”

Vincent Calcagno, executive managing director at E78 Fund Solutions, said: "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.”

Ocorian is a portfolio company of Inflexion Private Equity. The acquisition of E78 Fund Solutions follows the recent close of Inflexion’s £2.3 billion continuation fund. That move will continue Inflexion’s support of Ocorian’s growth plans, including M&A activity, Ocorian said. 

The transaction is subject to regulatory approval. 

Ardea Partners LP served as financial advisor to Ocorian. Choate, Hall & Stewart LLP and Latham & Watkins LLP acted as the company’s legal counsel.