Recommend pageXchanging on course for growth
Xchanging strengthens its market position in Germany. Through the acquisition of the Munich-based FondsServiceBank (FSB) Xchanging becomes the number 4 investment account platform.
Fondsdepot Bank (FDB), an Enterprise Partnership of Xchanging Transaction Bank GmbH and Allianz Global Investors, takes over FondsServiceBank (FSB) from DAB bank AG, Munich. Through this acquisition, Fondsdepot Bank becomes the number 4 investment account platform in its market – directly behind Union, DEKA and DWS.
Matthias Sohler, Head of European Financial Services of Xchanging plc: “Xchanging continues its growth strategy in Germany. We are strengthening our customers by efficiently handling their business processes as partners. Through the acquisition of FondsServiceBank, we are able to add well-known customers to our existing Enterprise Partnerships with Deutsche Bank and Allianz Global Investors.”
Fondsdepot Bank will acquire all contracts with the distribution partners as well as the approximately 460,000 customer contracts (as of 31 March 2009) of FSB relating to the safekeeping and administration of investment fund accounts. The fund assets under administration add up to € 3.5 billion. FSB’s customers include well-known banking and insurance companies, as well as asset managers and leading investment advisers and broker organisations.
About Xchanging
The parent company, Xchanging plc, was founded by David Andrews in London in 1999. Prior to his involvement in Xchanging, David Andrews had successfully initiated and implemented the worldwide outsourcing business of Accenture Consultancy Group (formerly: Andersen Consulting). Today, Xchanging employs more than 8,600 staff operating in nine countries: Germany (Frankfurt since January 2003 and Hof since 2007), Great Britain, France, USA, India, Malaysia, Japan, Singapore and Australia.
Xchanging serves blue chip customers in 38 countries. Xchanging’s customers include international operating companies such as AON Limited, the risk management and insurance company, the insurance association Lloyd’s of London, the International Underwriting Association of London (IUA) – the industry association of London’s insurance market – and BAE Systems, the British defence and aerospace company.
In the banking sector, Xchanging serves Deutsche Bank, Allianz Global Investors Kapitalanlagegesellschaft mbH, Citibank Privatkunden AG & Co. KGaA, Sal. Oppenheim jr. & Cie. and Sparda Banks Group as well as National Australia Group (UK).
