Media
Xchanging to adminster savings plan accounts for Onvista Bank
26 Jul 2010
FRANKFURT, 26 July 2010 – Fondsdepot Bank, an Enterprise Partnership of Xchanging and Allianz Global Investors will administer savings plan accounts on behalf of OnVista Bank. The accounts will be transferred from Onvista Bank’s current platform to Fondsdepot Bank’s IT platform on 15 August 2010.
OnVista Bank offers comprehensive brokerage capabilities for active traders and investors. The Bank is part of OnVista-Group, an internet company with a focus on financial markets. The accounts that Xchanging will administer are from the capital formation savings payments business of OnVista Bank and do not include the Bank’s online brokerage business accounts.
In January 2010, Xchanging was chosen by SEB Bank and SEB Asset Management (SEB) for the administration of their B2B investment accounts business. This transaction will make Xchanging the largest independent investment account processing platform in Germany. This was followed by a contract from VERITAS INVESTMENT TRUST GmbH (VERITAS) for the administration of their investment accounts.
In addition to customer accounts added as a result of contracts signed with SEB and VERITAS, Fondsdepot Bank has added customer accounts through independent distribution companies – representing ten percent growth since January 2010. Xchanging continues to lead the consolidation of the mid-market investment account processing and will have approximately 1.7 million investment accounts and €31 billion assets under administration by the end of 2010.
Matthias Sohler, Head of Xchanging Continental Europe and Managing Director of Fondsdepot Bank commented, “Our growth to date confirms that independent financial advisors have fully accepted the business model of Fondsdepot Bank – a model which is not bound to certain products and distribution channels. Hence they are choosing us for the administration of their customer accounts”.
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 represented another significant milestone in the growth of this platform.
Fondsdepot Bank serves approximately 180 large distribution partners such as DVAG, BCA, Fondsnet, Argentos as well as distribution companies of large insurers and banks. Its customers also include a number of well-known investment companies such as Allianz Global Investors, MEAG Munich ERGO Kapitalanlage and Pioneer Investments.
For further information, please contact:
Xchanging – Group PR
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
OnVista Bank AG
Gregor Faßbender-Menzel
Tel: +49 (0) 2203 9146-163
gregor.fassbender-menzel@onvista-group.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.
About OnVista
OnVista Bank offers comprehensive Brokerage-Features for both professional Traders and Investors. The offered services cover trading in securities, stocks and bonds at stock exchanges in Europe and the U.S. as well as trading OTC with currently 24 emitters. Furthermore, OnVista Bank extends trading options and future warrants via Eurex to their customers.
With its outstanding FreeBuy-Depot, OnVista Bank recently finished first in the category “Range of Products” at Börse Onlines reader’s voting for the “Onlinebroker of the year 2010”.
Customers of the OnVista Bank take extraordinary advantages of the close integration and interaction with Germany's leading financial portal OnVista.de. This interaction enables a high level of transparency during investment decisions and maximizes the customers comfort. While receiving information on OnVista.de, stocks can be traded with just a few clicks.
Frankfurt am Main-based OnVista Bank is a subsidiary of OnVista AG, which is also holding the financial portal OnVista.de.