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From Archive 05 April 2004

By PWM Editor

BGL selling off stake in EFA after Fortis funds merger
Luxembourg-based transfer agent European Fund Administration (EFA) increased the number of sub-funds it services by 6.48 per cent in 2003, while the total number of sub-funds domiciled in Luxembourg fell by 3.8 per cent during the same period.
Last year EFA was awarded administration mandates worth €4.7bn, coming from international promoters and one hedge fund. EFA now services 1150 sub-funds with total assets of €69bn.
Banque Générale du Luxembourg (BGL), one of EFA’s shareholders, has announced the sale of its 26 per cent share in the company following the integration of BGL’s in-house funds into the Fortis fund family. “EFA no longer administer our own products and we have now aligned our shareholding with this situation,” said Robert Scharfe, member of the board at BGL.

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