Clearstream has acquired London-based funds platform Swisscanto Funds Centre (SFCL) from Zurcher Katonalbank, allowing it to provide management and data processing of fund launches.
The transactions for a high double-digit million euro amount, which was not disclosed, is expected to close in the third quarter of the year, subject to regulatory approval.
All London-based employees of SFCL, the UK-wholly owned subsidiary of Swisscanto Holding Zurich, a Zurcher Katonalbank company, will be transferred to Clearstream.
“The knowhow we acquire from SFCL in areas such as distribution contract management, data management and dissemination, combined with our expertise in funds processing will enable us to provide our clients with new value-adding services,” said Philippe Seyll, co-CEO, Clearstream Banking.
The deal allows Clearstream to expand its funds services to include management of distribution contracts and data processing. It will also focus on expanding SFCL’s services to its international customers.
Zurcher Katonalbank will remain one of the main distribution partners of SFCL going forward. Furthermore SFCL also signed a long-term contract that Swisscanto Fund Management and Swisscanto Asset Management International will continue to act as large fund providers for the company.
“Bundling volumes, tapping into new markets, and incorporating the fund platform business into Clearstream’s post-trading product range provides us with new opportunities,” added Mark O’Brien, CEO, SFCL.