Euroclear has expanded its fund business into Spain through a planned complete acquisition of global investment technology solutions and outsourced financial services provider Inversis.
The company has initially acquired a strategic stake of 49%, with the intention of achieving full ownership by 2027.
Inversis, a wholly-owned subsidiary of Spanish bank Banca March, provides funds platform services, securities outsourcing and intermediation, amongst other offerings. Through the acquisition, Euroclear aims to accelerate the delivery of its funds strategy and increase its pan-European coverage, it said.
This continues the expansion of Euroclearās end-to-end funds platform solution, FundsPlace, which operates across mutual and money market funds, alternative funds and ETFs.
Commenting on the announcement, ValĆ©rie Urbain, CEO, stated: “Inversisā diversified and resilient business model driven by continued growth perfectly complements Euroclearās business. As a European leader with a global presence committed to supporting the Capital Markets Union, Euroclear will improve its coverage in Spain, a market offering significant growth opportunities in the fund distribution space.”
Alberto del Cid, CEO of Inversis, added: “By combining with Euroclear, Inversis will reinforce its large clientsā business. Likewise, Inversisā existing clients will benefit from a stronger value proposition across all the firmās business areas, including its fund distribution platform, which will be supported by Euroclearās FundsPlace solution.”
The news comes alongside rearrangements in Euroclearās executive committee. Chaired by Urbain, the eight-strong committee ensures the representation of all the groupās constituents in strategic decisions.
SĆ©bastien Danloy has been appointed chief business officer. Pete Sneyers has been named as CEO of Euroclear Bank, while Bernard Frenay has taken on the newly-created role of CEO of European Markets.
Daniel Miseur will serve as chief people and communications officer, with Guillaume Eliet stepping up as chief risk officer.
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