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Revel Wood, group CEO of Fundrock, said in a press release:“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”.Pictured: Revel Wood speaks the Association of the Luxembourg Fund Industry’s European Asset Management Conference, 6 March 2018. Image credit: LaLa La Photo 

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.