SEB has signed a share purchase agreement to sell its Fund Services business in Luxembourg to FundRock Management Company S.A. The business, including some 20 employees, will be transferred to FundRock, subject to regulatory approval.
SEB Fund Services S.A. is a wholly owned subsidiary of SEB that handles legal and administrative services for medium-sized Nordic asset managers with mutual funds domiciled in Luxembourg.
“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,” says Göran Fors, deputy head of SEB Investor Services. It will also be a good solution for Fund Services’ employees, who will join an operation with larger scale that is fully specialised in this service area.
SEB’s Asset Management, Private Banking and other activities in Luxembourg will not be affected by the divestment of the Fund Services business.
FundRock is an independent provider of fund management company services to a client base of more than 300 funds domiciled in Luxembourg, the UK and Ireland. The company has EUR 44 bn in assets under management.
FundRock has a focused strategy to become one of the leading, independent providers of fund services in Europe.
The deal, which is subject to customary regulatory approvals, is expected to close in summer 2018. The divestment will have an insignificant effect on SEB earnings.