Deutsche Boerse's Clearstream Acquires Swisscanto Funds Centre
- Under the terms of the deal, all London-based employees of SFCL will transfer to Clearstream.
Deutsche Boerse’s Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term arm Clearstream has expanded its offering in the funds space by acquiring Swisscanto Funds Centre, the UK subsidiary of Zurich-based financial group Swisscanto.
Clearstream, a provider of post-trade services for financial services participants, agreed to buy 100 percent of SFCL business from Zürcher Kantonalbank. Deutsche Börse-owned international central securities depository has paid a sum in “the high double digit million euro range”, the company said in a statement on Monday.
No further financial details of the transaction were disclosed.
Under the terms of the deal, all London-based employees of SFCL will transfer to Clearstream, doubling the size of the settlement company’s fund division. As part of the deal, Clearstream will also license SFCL products and extend its services to its international customers.
Clearstream will ensure the takeover takes place in a gradual way in order to ensure a smooth transition and confirmed the transaction will not affect the service for SFCL existing customers on both investor and fund promoter side.
Mark O’Brien, CEO at Swisscanto Funds Centre Ltd., commented: “Thanks to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term by Clearstream, SFCL will be able to boost growth and generate the necessary economies of scale. Bundling volumes, tapping into new markets, and incorporating the fund platform business into Clearstream's post-trading product range provides us with new opportunities. The SFCL team is looking forward to offering existing and new clients an even more comprehensive range of services."
Philippe Seyll, Co-CEO of Clearstream, added: “We always look for strategic opportunities to further enhance our offering to the market. The knowhow we acquire from SFCL in areas such as distribution contract management, data management and dissemination, combined with our expertise in funds processing will enable us to provide our clients with new value-adding services. This further bolsters our strong position in the funds space.”
Deutsche Boerse’s Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term arm Clearstream has expanded its offering in the funds space by acquiring Swisscanto Funds Centre, the UK subsidiary of Zurich-based financial group Swisscanto.
Clearstream, a provider of post-trade services for financial services participants, agreed to buy 100 percent of SFCL business from Zürcher Kantonalbank. Deutsche Börse-owned international central securities depository has paid a sum in “the high double digit million euro range”, the company said in a statement on Monday.
No further financial details of the transaction were disclosed.
Under the terms of the deal, all London-based employees of SFCL will transfer to Clearstream, doubling the size of the settlement company’s fund division. As part of the deal, Clearstream will also license SFCL products and extend its services to its international customers.
Clearstream will ensure the takeover takes place in a gradual way in order to ensure a smooth transition and confirmed the transaction will not affect the service for SFCL existing customers on both investor and fund promoter side.
Mark O’Brien, CEO at Swisscanto Funds Centre Ltd., commented: “Thanks to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term by Clearstream, SFCL will be able to boost growth and generate the necessary economies of scale. Bundling volumes, tapping into new markets, and incorporating the fund platform business into Clearstream's post-trading product range provides us with new opportunities. The SFCL team is looking forward to offering existing and new clients an even more comprehensive range of services."
Philippe Seyll, Co-CEO of Clearstream, added: “We always look for strategic opportunities to further enhance our offering to the market. The knowhow we acquire from SFCL in areas such as distribution contract management, data management and dissemination, combined with our expertise in funds processing will enable us to provide our clients with new value-adding services. This further bolsters our strong position in the funds space.”