MFEX, a fund distribution platform based in Sweden, has agreed to take on the global fund trading platform of Societe Generale Securities Services (SSGS) in Luxembourg.
The two have inked a long-term agreement, under which MFEX will oversee post-trade fund activities operated by Societe Generale Luxembourg.
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As part of the deal, all staff associated with the work will move to MFEX.
MFEX co-CEO Olivier Huby said: “This transaction would strengthen MFEX’s presence in Luxembourg and enable MFEX to continue to grow by consolidating its leading position in international funds distribution.
“The assets under administration would exceed €250 billion and MFEX would be able to offer its services in 51 countries and provide access to 72,000 funds.”
The deal is pending regulatory approval.
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By GlobalDataMeanwhile, SGSS will continue to offer clients a global proposition by using MFEX as a benchmark provider for international fund distribution.
SGSS offers fund administration and asset servicing, clearing, custody and trustee, as well as liquidity management services, among others.
The firm operates in 26 locations. It has €629bn in assets under administration and employee strength of 4,000.
Earlier this year, MFEX acquired the global funds platform of RBC Investor & Treasury Services.
MFEX has presence in 51 countries with staff headcount of over 250. The firm administers €250bn in assets.
