RBC Investor and Treasury Services (RBC I&TS) has agreed to sell its Global Fund Platform (GFP) to MFEX, one of the largest European fund distribution platform.
Under the agreement, RBC I&TS will sell the GFP technology and in return, MFEX will provide fund distribution services to the Canadian custodian in a long-term partnership.
RBC I&TS’ GFP clients will continued to be serviced by the bank and MFEX will provide added digital services such as a global automated fund distribution platform.
“Both parties share common values in the delivery of the best possible client experience and a willingness to invest into the digitisation of the fund distribution value chain,” said Oliver Lagerström, co-CEO of MFEX.
RBC’s GFP technology provides order routing, deal execution, settlement, asset servicing, fund data, fund documents and trailer commission processing for investing into mutual funds, alternative investment funds and exchange traded funds. This will all be transitioned to MFEX.
The acquisition will also expand MFEX’s footprint through new offices in London, Luxembourg and Kuala Lumpur.
The deal is the latest for MFEX, which has already take over local fund platforms in Spain and France.