Through the transaction, Servizi will use EFA's Luxembourg-based IT platform, which is being adapted for specific Italian accounting, reporting and tax requirements.

EFA and Servizi will also join forces to commercialise their offering in both Italy and Luxembourg.

The name of the Italian company will be changed to 'EFA - Servizi'.

The businesses say that EFA clients will benefit from access to Servizi's expertise in fund set-up, administration and distribution in Italy, while the new structure will provide administrative solutions for Italian fund sponsors seeking Luxembourg-based vehicles.

Thomas Seale, chief executive of EFA, says: 'Servizi has established itself as a strong, local player with good growth potential. After the creation of EFA France, this partnership is an important next step in our accelerated growth strategy, designed to offer increased value to our clients, and strongly supported by our shareholders'.

Professor Paolo Ranuzzi, chairman of the board of directors of Servizi, adds: 'Servizi will gain and benefit from an industrial partner with broad experience in dealing with third party clients on a European scale'.