FundRock to acquire Lux-based SEB Fund Services

The move will enable FundRock to expand its fund services to Nordic asset managers, taking on SEB Fund Services’ 20 employees.

By Joe Parsons

Luxembourg-based FundRock has agreed to acquire the fund services arm of SEB.

The move will enable FundRock to expand its fund services to Nordic asset managers, taking on SEB Fund Services’ 20 employees.

According to Revel Wood, group CEO of FundRock, the acquisition is a part of a five-year plan to expand its fund management and AIFM capabilities and have a pan-European offering in the three major fund centres.

“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,” said Wood.

“It further demonstrates our long-term commitment to invest in Fund Management as our core business offering clients solutions across their full fund range. 

FundRock handles more than 300 funds based in Luxembourg, the UK and Ireland with €45 billion in assets under management, extending to €65 billion on closing of the transaction. It offers fund accounting and transfer agency services, as well as risk and compliance management.

Goran Fors, deputy head of investors services for SEB, said the Swedish bank will continue to offer management company services through an exclusive cooperation agreement with FundRock.

“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,” added Fors.

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