Swedish fund platform MFEX Mutual Funds Exchange has acquired Ahorro Best Funds, an investor platform operated by Ahorro Corporación Financiera (ACF) in Spain.

The deal, which already secured the green light from Spanish regulator CNMV, resulted in the launch of a new MFEX office in Madrid.

The Madrid office launch is part of MFEX’s plans to expand in Southern Europe. The firm’s other offices are located in Stockholm, Paris, Geneva, Milano and Singapore.

The new office will be responsible for managing operations in Spain, Portugal, Andorra, Italy and Latin America.

The office will commence operations following its final registration with the relevant authorities, which is expected to occur soon.

MFEX, which already works with several Spanish fund companies, now intends to increase its footprint through new collaborations in Spain, Portugal and Andorra.

MFEX head of Spain Pierre-Eric Patricola said: “Our local presence in Spain allows us to offer tailor made services of proximity including ‘traspasos’.

“MFEX also brings to the Spanish market a fast and efficient processes to collect rebates while helping foreign fund companies distribute their funds in Spain and assisting Spanish fund companies in the cross-border distribution of their funds.”

MFEX currently has distribution agreements with over 820 international asset management firms. As at June 2018, the business had assets of €120bn under intermediation.