RBC Investor & Treasury Services (RBC I&TS) has sold its Global Fund Platform to a distribution firm with specialist expertise.
RBC I&TS will still service the platform’s clients but says the investors will benefit from Stockholm-based purchaser MFEX’s digital services and automation.
The two firms have signed a long-term partnership for fund distribution as part of the deal.
“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-chief executive of MFEX.
The platform’s technology supports order routing, deal execution, settlement, asset servicing, fund data, fund documents and trailer-commission processing for investments into mutual funds, alternative investment funds and exchange-traded funds. These functions will be transferred to MFEX as part of the acquisition.
MFEX, which has €194 billion of assets under administration, said it will open local offices in London, Luxembourg and Kuala Lumpur as a result of the deal and as part of a wider expansion in Europe and Asia.
MFEX’s recently acquired Ahorro Best Funds in Spain and Axeltis in France.
The deal, for an undisclosed sum, is subject to approval by local authorities.
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