FundRock Management Company S.A. (FundRock) has signed a share purchase agreement with Skandinaviska Enskilda Banken AB (publ) (SEB) for the sale of their wholly owned subsidiary, SEB Fund Services S.A. in Luxembourg. The completion of the transaction will be subject to the CSSF’s approval for the change of control.
SEB Fund Services is offering third party management company services to Nordic asset managers with Luxembourg-based investment funds. The business in its entirety, including some 20 employees, will be transferred to FundRock, subject to regulatory approval and final due diligence. The two parties intend for the agreement to be signed and sealed within the next two to 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 Revel Wood, Group CEO of FundRock.
“Clients and their end investors are core and central to our business, and expect more and more from us as their long-term partner in Europe. This further enhances our ability to offer our clients a substantial, well-capitalised solution with deep and broad expertise in all the major European fund jurisdictions, packaged into a robust offering with strong connectivity, now also reaching into the Nordic markets. It further demonstrates our long-term commitment to invest in Fund Management as our core business, offering our clients solutions across their full fund range.”
FundRock is a leading independent third party UCITS Management Company and AIFM (Alternative Investment fund Manager) providing services to Luxembourg, Ireland and UK based funds. The group handles more than 300 funds based in Luxembourg, the UK and Ireland with EUR 45 bn in assets under management, extending to EUR 65bn on closing of this transaction.
“We will continue to offer management company services via an exclusive cooperation agreement with FundRock thereby strengthening SEB’s customer offering,” says Göran Fors, Deputy Head of Investor Services.
“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”, continues Göran Fors.