BNP Paribas Securities Services has acquired Credit Suisse Prime Fund Services, a fund administration business for hedge funds and hedge funds of funds, said Jonathan Taylor, BNP Paribas spokesman.
Neither BNP Paribas nor Credit Suisse officials would disclose terms of the deal.
Prime Fund Services has $150 billion in assets under administration, while BNP Paribas has a combined $81 billion administered for hedge funds and hedge funds of funds.
Credit Suisse spokeswoman Nicole Sharp referred all questions to BNP Paribas.
The sale is the second major move out of asset servicing by Credit Suisse since early 2013, when the company announced it was closing its transition management business.