Fuchs Asset Management itself asked to not be involved in the troubles of its parent company, Fuchs & Associés Finance, which was dissolved in mid-July. The unit’s management initiated a buy-out, hoping to be able to continue its activities.
On Tuesday the company, headed by Timothé Fuchs, announced its rebranding as Funds Avenue and, above all, a strategic partnership with Trustmoore. Fuchs’ group and Trustmoore have each taken a 50% stake in Fuchs Asset Management, which is now no longer linked with Fuchs & Associés Finance. A spokesperson declined to provide the value of the transaction.
The two companies will continue to operate separately, but on the same site. The former will provide fund management services and the latter fund administration services.
At the time of writing, Fuchs Asset Management was still registered with Luxembourg’s Financial Sector Supervisory Commission (CSSF) as Fuchs Asset Management, and neither the rebranding nor the partnership appeared to have yet been approved by the financial regulator. It’s likely a matter of hours.
In a press release sent to Delano’s sister publication Paperjam, Funds Avenue CEO Timothé Fuchs said he is delighted “to announce our new name. It represents a new chapter in our business and combining it with the Trustmoore partnership makes it even more exciting. This alliance is a testament to the strength of Funds Avenue’s core values and our commitment to developing bespoke financial solutions while building genuine, long-term relationships with our customers.”
Originally from the Netherlands, Trustmoore founder Steven Melkman (based in Luxembourg since 2010) said he was “delighted to see our Luxembourg office grow to 90 people with the Funds Avenue team joining us at our rue Dicks site. The cooperation with Timothé and the collective efforts of the Funds Avenue and Trustmoore teams to successfully establish this partnership have been exemplary in every respect and give me great confidence for the future of our partnership.”
Trustmoore generated sales of €4.8m last year with 30 staff members and had losses carried forward of €1.18m in Luxembourg.
This article was first published in French on Paperjam. It has been translated and edited for Delano.
Updated Tuesday 26 September at 8:40am to clarify that the buy-out was completed