XCHANGING WINS CONTRACT WITH VERITAS INVESTMENT TRUST GmbH
(Thomson Reuters ONE) -
Press Release
XCHANGING WINS CONTRACT WITH VERITAS INVESTMENT TRUST GmbH
Further expands Fondsdepot Bank platform as it takes over the processing of
approximately 100,000 investment accounts for VERITAS INVESTMENT TRUST GmbH.
FRANKFURT, 15 April 2010 - Fondsdepot Bank, an Enterprise Partnership of
Xchanging and Allianz Global Investors, has been chosen by VERITAS INVESTMENT
TRUST GmbH (VERITAS) for the administration of approximately 100,000 investment
accounts. The migration of the investment accounts from VERITAS' current
platform onto Fondsdepot Bank's IT platform is expected to be completed by 15
August 2010.
VERITAS is an investment company founded in 1991, and was formerly co-owned by
Société Générale. VERITAS' products are predominantly stock-oriented retail
funds and funds of funds, including A2A fund of funds and the innovative ETF
funds of funds. These are distributed via 280 distribution partners in Germany
and Austria.
In January 2010, Xchanging was chosen by SEB Bank and SEB Asset Management for
the administration of their B2B investment accounts business. This transaction
will make Xchanging the largest independent investment account processing
platform in Germany. Xchanging continues to lead the consolidation of the
mid-market investment account processing and will have approximately 1.6 million
investment accounts and ?31 billion assets under administration by the end of
2010.
Markus Kaiser, Managing Director of VERITAS INVESTMENT TRUST GmbH stated,
"Xchanging is our processor of choice for the administration of our investment
accounts. Xchanging's track record of processing quality perfectly matches the
high quality of our award-winning funds portfolio. Focussing on our core
business as well as process and cost efficiency is of critical importance to
us."
David Andrews, CEO Xchanging said, "I am delighted to welcome VERITAS as another
highly valued customer to our fast-growing investment accounting Enterprise
Partnership with Allianz".
Matthias Sohler, Head of Xchanging Continental Europe and Managing Director of
Fondsdepot Bank added, "Xchanging continues to be a key player in the
consolidation of the German investment account processing market. The conclusion
of another important deal confirms that we are on the right track. As we are not
aligned to a particular bank or organisation but only to the interests of our
customers, an increasing number of companies are transferring their business
processing to us. Our position as an independent platform provider is paying
dividends and we are well positioned for growth in Germany and Europe more
broadly."
Fondsdepot Bank
Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global
Investors. Since its launch in 2007, the two partners have successfully been
targeting additional investment account administration business for the joint
platform.
The first milestone in the growth of this business was the acquisition of the
Munich-based FondsServiceBank (FSB), previously DAB bank AG, in May 2009. As
part of the deal, Fondsdepot Bank had the potential to take over all
distribution partner contracts and approximately 460,000 customer contracts
relating to the safekeeping and administration of investment fund accounts. The
migration of the accounts onto Fondsdepot Bank's platform was successfully
completed on time and on budget in April 2010.
The second milestone was the take-over of B2B investment account business
administration for SEB Bank and SEB Asset Management announced at the beginning
of this year. This transaction with VERITAS represents another significant
milestone in the growth of this platform.
Fondsdepot Bank serves approximately 80 large distribution partners such as
DVAG, BCA, Fondsnet, Argentos as well as distribution companies of large
insurers and banks. Its customers also include a number of well-known investment
companies such as Allianz Global Investors, MEAG Munich ERGO Kapitalanlage and
Pioneer Investments.
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For further information, please contact:
Xchanging
Meeta Thareja Tel: +44 (0)20 7780 5374
meeta.thareja(at)xchanging.com
Cardew Group Tel: +44 (0)20 7930 0777
xchanging(at)cardewgroup.com
About Xchanging
Xchanging is one of the largest and fastest growing business processors. With a
wide range of multinational customers in 42 countries and employing over 8,000
people, we are a truly global company. Our aim is simply to provide business
processing services better, cheaper and faster.
Xchanging provides procurement, accounting, human resources and technology
services across industries. These include banking, insurance, manufacturing,
retail and real estate among others. We combine functional expertise with deep
industry domain knowledge to provide industry-specific outcomes for our
customers.
Listed on the London Stock Exchange in 2007, the company is in the FTSE250, the
index of mid-capitalised companies traded on the London Stock Exchange.
Xchanging is also a member of the FTSE4Good index which measures the performance
of companies that meet globally recognised corporate responsibility standards.
www.xchanging.com
About Fondsdepot Bank
Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global
Investors. It provides retail portfolio management and administration services
on an open fund platform to investment companies, distribution companies, banks
and other businesses. Today, Fondsdepot Bank is one of the leading independent
providers in the area of retail investment account management in Germany
offering over 7,000 public funds of more than 250 investment companies.
Fondsdepot Bank deploys some 440 employees. It has recently acquired a full
banking licence and is regulated by Bundesbank and BaFin.
About Veritas Investment Trust GmbH
VERITAS INVESTMENT TRUST GmbH, Frankfurt am Main, was founded in 1991 as an
investment company according to German law. VERITAS administers approximately
100,000 investment accounts for more than 80,000 customers. Its products are
distributed by approximately 280 distribution partners in Germany and Austria.
VERITAS' expert team combines long experience and know-how in their daily
business. The results speak for themselves: VERITAS offers a funds portfolio
which includes both stock-oriented retail funds and funds of funds: 23
profitable investment funds which are successfully investing in the world-wide
capital markets and are perfectly supporting the customers' investment goals and
risk profiles.
www.veritassg.de
[HUG#1403751]
Unternehmensinformation / Kurzprofil:
Datum: 15.04.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 19067
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