News
Fondsdepot Bank signs distribution agreement with Invest – Und Finanzservice Gmbh
30 Jul 2010
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.
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.