FundRock Management Company has agreed to acquire SEB Fund Services, the Luxembourg-based wholly owned subsidiary of Swedish lender SEB, for an undisclosed sum.
SEB Fund Services offers legal and administrative services for medium-sized Nordic asset managers with Luxembourg-domiciled mutual funds.
FundRock manages over 300 funds in Luxembourg, the UK and Ireland with €45bn in assets. The acquisition of SEB Fund Services will take its assets under management to €65bn.
The transaction is expected to be completed in the middle of this year, subject to regulatory nod. A total of 20 employees will join FundRock as part of the deal.
FundRock group CEO Revel Wood said: “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.”
SEB expects the sale to have an insignificant effect on its earnings and said that the move will not impact its asset management, private banking and other activities in Luxembourg.
SEB Investor Services deputy head Goran Fors said: “We will continue to offer fund management company services via an exclusive cooperation agreement with FundRock thereby strengthening SEB’s customer offering for these services.”