Press Release
FONDSDEPOT BANK SIGNS DISTRIBUTION AGREEMENT WITH INVEST - UND FINANZSERVICE
GMBH
Takes over administration of 42,000 investment accounts
FRANKFURT, 30 July 2010 - Fondsdepot Bank, an Enterprise Partnership of
Xchanging plc, and Gothaer Invest- und FinanzService GmbH have signed an
investment account administration contract. As part of the deal, Fondsdepot Bank
will take over the administration of 42,000 investment accounts of Gothaer
Invest- und FinanzService GmbH. In addition, the fiduciary business relating to
equity-linked life assurance, with a volume of €390 million, will be
transferred. In addition, the fiduciary business relating to equity-linked life
assurance, with a volume of €390 million, will be transferred.
The administration of the customer accounts is expected to be transferred from
the current platform to Fondsdepot Bank's IT platform by 15 August 2010.
In April 2010, Fondsdepot Bank had signed a contract with VERITAS INVESTMENT
TRUST GmbH about the transfer of their investment accounts to Fondsdepot Bank's
processing platform. Following this transaction, Gothaer Invest- und
FinanzService GmbH will now transfer the administration of investment accounts
to Fondsdepot Bank.
With approximately 1.7 million investment accounts and €31 billion assets under
administration, Xchanging is the largest independent investment account
processing platform in Germany .
Fondsdepot Bank
Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global
Investors. Since its launch in 2007, the two partners have successfully been
targeting additional investment account administration business for the joint
platform.
The first milestone in the growth of this business was the acquisition of the
Munich-based FondsServiceBank (FSB), previously DAB bank AG, in May 2009. As
part of the deal, Fondsdepot Bank had the potential to take over all
distribution partner contracts and approximately 460,000 customer contracts
relating to the safekeeping and administration of investment fund accounts. The
migration of the accounts onto Fondsdepot Bank's platform was successfully
completed on time and on budget in April 2010.
The second milestone was the take-over of B2B investment account business
administration for SEB Bank and SEB Asset Management announced at the beginning
of this year. The transaction with VERITAS INVESTMENT TRUST GmbH represented
another significant milestone in the growth of this platform.
Fondsdepot Bank serves approximately 180 large distribution partners and broker
pools, distribution companies of large insurers and banks as well as a number of
well-known investment companies such as Allianz Global Investors, MEAG Munich
ERGO Kapitalanlage and Pioneer Investments. In total, Fondsdepot Bank reaches
100,000 brokers in Germany.
- ENDS -
For further information, please contact:
Xchanging - Group PR
Meeta Thareja Tel: +44 (0)20 7780 5374
meeta.thareja@xchanging.com
UK - Cardew Group Tel: +44 (0)20 7930 0777
xchanging@cardewgroup.com
Xchanging - Continental Europe
Christiane Kampling, Continental Europe Tel: +49 (0)
69 12 0 12 60243
christiane.kampling@xchanging.com
Heller & Partner
Stefan Riedel Tel: +49 (0)89 45710 330
sr@heller-partner.de
About Xchanging
Xchanging is one of the largest and fastest growing business processors. With a
wide range of multinational customers in 42 countries and employing over 8,000
people, we are a truly global company. Our aim is simply to provide business
processing services better, cheaper and faster.
Xchanging provides procurement, accounting, human resources and technology
services across industries. These include banking, insurance, manufacturing,
retail and real estate among others. We combine functional expertise with deep
industry domain knowledge to provide industry-specific outcomes for our
customers.
Listed on the London Stock Exchange in 2007, the company is in the FTSE250, the
index of mid-capitalised companies traded on the London Stock Exchange.
Xchanging is also a member of the FTSE4Good index which measures the performance
of companies that meet globally recognised corporate responsibility standards.
www.xchanging.com
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Source: Xchanging via Thomson Reuters ONE