FundRock acquires SEB Fund Services 16 November 2018Luxembourg Reporter: Becky Butcher
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FundRock Management Company has acquired SEB Fund Services from Skandinaviska Enskilda Banken (SEB).
The deal, which was first revealed on 22 May this year, is now complete following regulatory approval of the Commission de Surveillance du Secteur Financier (CSSF).
SEB Fund Services offers third-party management company services to Nordic asset managers with Luxembourg-based investment funds. As part of the transaction, SEB Fund Services’ 20 employees will transfer to FundRock.
FundRock is an independent third-party UCITS management company and alternative investment fund manager, which provides services to Luxembourg, Ireland and UK-based funds.
Revel Wood, group CEO of FundRock, commented: “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 investing in fund management as our core business offering clients solutions across their full fund range.”
Göran Fors, deputy head of SEB Investor Services, added: “We will continue to offer management company services via an exclusive cooperation agreement with FundRock thereby strengthening SEB’s customer offering.”
“It will also be a good solution for our employees, who are now joining an operation of large scale with offices in the major fund centres that are fully specialised and focused in this service area.”
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