SOURCE: Xchanging PLC

January 18, 2010 02:05 ET

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

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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