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Xchanging Continues to Grow
Chosen by SEB Bank and SEB Asset Management to Manage Their Investment Accounts, Making Xchanging the Largest Independent Investment Account Processing Platform in Germany
| Source: Xchanging PLC
LONDON and FRANKFURT, GERMANY--(Marketwire - January 18, 2010) - Fondsdepot Bank, an
Enterprise Partnership of Xchanging (LSE : XCH ) and Allianz Global
Investors, has been chosen by SEB Bank and SEB Asset Management for the
administration of their B2B investment accounts business. The migration of
the investment accounts from the current platform of SEB Investmentservice
(SEB ISG) onto Fondsdepot Bank's IT platform is expected to be completed by
31 December 2010. As part of this outsourcing contract, the Frankfurt-based
SEB ISG will become part of Xchanging Group.
This transaction will make Xchanging the largest independent investment
account processing platform in Germany, with approximately 1.5 million
investment accounts and approximately EUR 30 billion of assets under
administration.
Barbara Knoflach, CEO SEB Asset Management and Managing Director of SEB
Investment GmbH stated, "With Xchanging, we have found an excellent partner
who offers our customers high quality processing services and cost
efficiency and allows us to focus on our core business."
Matthias Sohler, Head of Xchanging Continental Europe and Managing Director
of Fondsdepot Bank said, "Through this service agreement with SEB, we will
become the number one independent investment account processing platform
in Germany. We are not committed to a particular bank or corporation, but
only to the interests of our customers, striving for highest process
efficiency. We are set for pan-European growth. Xchanging will continue to
be a key player in the consolidation of the German investment account
processing market."
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