FundRock Management Company has announced the acquisition of SEB Fund Services, a Luxembourg subsidiary of the Swedish banking group Skandinaviska Enskilda Banken.
In a press release published on Tuesday, the firm said it had signed a share purchase agreement with for the sale of their wholly owned subsidiary and expects to finalise the deal within the next three months.
“This move is part of our five-year plan and provides a strong foundation to reach our goal of becoming the premier independent Fund Management Company/AIFM in Europe with a full pan-EU offering in the three major fund centres; UK, Ireland and Luxembourg”, says FundRock group CEO Revel Wood said in the announcement.
FundRock, which was created by Blackfin Capital Partners’ 2015 acquisition of the Luxembourg operations of the Royal Bank of Scotland, is a third party Ucits and AIFM management company, providing services to Luxembourg, Ireland and UK based funds. The group handles more than 300 funds based in Luxembourg, the UK and Ireland with €45bn in assets under management, according to the press release.
SEB Fund Services offers third party management company services to Nordic asset managers with Luxembourg-based investment funds. The business, including 20 employees, will be transferred to FundRock, subject to approval by the CSSF regulatory agency and final due diligence.
“We will continue to offer management company services via an exclusive cooperation agreement with FundRock thereby strengthening SEB’s customer offering,” SEB deputy head of investor services Göran Fors said. “It will also be a good solution for our employees, who will join an operation of large scale with offices in the major fund centres that is fully specialised and focused in this service area.”