Founded in 2003, Carnegie services clients that include fund management companies, boutique firms and large asset management groups. They can be based in Europe, North America, Asia, and even Australia.

Now, it acts as a Swiss representative for over 100 global investment managers and over 700 funds. Furthermore, these funds are domiciled everywhere between Ireland and Luxembourg to Singapore and the Caymans.

The deal is big for REYL Intesa Sanpaolo’s Fund Representation Solutions (FRS) arm. With Carnegie’s expertise and client base, FRS will strengthen its market base and reinforce its position.

Furthermore, the transaction should utilise the collective strengths of both firms to enhance its range of services and expertise available to clients.

Reaction to the Carnegie deal

Colin Vidal, head of business development at REYL Intesa Sanpaolo’s FRS commented: “REYL and Carnegie are both considered pioneers in their own rights and have established themselves as respected institutions known for their client-centric approach and commitment to excellence. We are therefore very excited to bring Carnegie into our banking infrastructure and continue to develop the best solutions to assist our clients with the ever-evolving regulatory requirements and investor demands regarding distribution.”

Philippe Steffen, head of operations at REYL Intesa Sanpaolo’s FRS added: “The acquisition of one of the key players in the Swiss fund representation sector is an important milestone in the development of Fund Representation Solutions at REYL. In combination with the paying agent services already offered by the bank, it represents a high value-added offer for our clients. The opportunity to provide Carnegie’s clients with the full range of REYL services will undoubtedly be greatly appreciated by them.”

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Alexandre Pini, CEO at Carnegie, concluded: “Carnegie is recognised as one of the founding fathers of fund representation and distribution in Switzerland. We are thrilled to become part of REYL, a powerful and innovative banking group that will open the next chapter of our development. The whole team looks forward to working alongside FRS with a view to constantly improve the quality and scope of the services provided to our clients.”