RBS (Luxembourg) S.A. becomes FundRock Management Company S.A.
RBS (Luxembourg) S.A. becomes FundRock Management Company S.A. as BlackFin Capital Partners completes purchase of Luxembourg’s leading fund management company.
BlackFin Capital Partners (‘BlackFin’) has completed the purchase of RBS (Luxembourg) S.A. (‘RBSL’), the leading independent third party fund management company in Luxembourg.
Upon closing on 31 December 2015, this entity became a fully independent company (backed by its shareholder, BlackFin) known as FundRock Management Company S.A. (‘FundRock’). FundRock remains at the same office premises and continues serving clients as usual.
FundRock has c. €33bn of Assets Under Management (as at 30 November 2015) and employs more than 60 people covering 23 languages.
The agreement for the sale was first announced on 18 August 2015 and follows regulatory approval of the Commission de Surveillance du Secteur Financier (‘CSSF
’) at the end of November 2015.
RBS retains its existing banking and depositary business in Luxembourg.
FundRock’s CEO Revel Wood, said:
“This is a very positive development for our business and our clients as we seek to extend our position from number one in Luxembourg to number one in Europe.
“Our robust infrastructure, deep expertise and long heritage of fund governance, combined with the innovation and entrepreneurship of our new partners will position us well to enhance our clients’ experience.”
Laurent Bouyoux, founding Partner of BlackFin, added:
“We have been looking at acquisitions in the Luxembourg management company sector for some time.
“FundRock is unique in this space with a highly qualified team, strong platform and proven business model.
“We look forward to working with the management to extend innovative product solutions to clients and to take advantage of growth opportunities arising in the asset management industry.