The deal was announced in May and has received approval from Luxembourg’s financial regulator, the CSSF, Fundrock said on 15 November.
Fundrock is an independent “management company”; such firms provide operational services to investment fund managers. The outfit said it served “more than 300 funds based in Luxembourg, the UK and Ireland with €45bn in assets under management, now extending to €60bn with this acquisition.”
The SEB unit provided “management company services to Nordic asset managers with Luxembourg-based investment funds,” according to Fundrock’s press release. 20 SEB employees transferred to Fundrock as part of the deal.
The value of the transaction was not disclosed.