SOURCE: Xchanging PLC

January 18, 2010 02:00 ET

Xchanging PLC Managing SEB Investment Accounts

LONDON--(Marketwire - January 18, 2010) -


Press Release

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.


FRANKFURT, 18 January 2010 - FRANKFURT, 18 January 2010 - Fondsdepot
Bank, an Enterprise Partnership of Xchanging 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 EUR30 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."


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, with fund assets under administration adding
up to EUR3.87 billion (as at 30 September 2009).


The migration of the investment fund accounts onto Fondsdepot Bank's
platform is running according to plan. All distribution partners and
investment companies have agreed to the migration including MEAG who
will transfer the administration of 151,000 investment accounts to
Fondsdepot Bank. The migration of all accounts is expected to be
completed by Q2 2010.


This transaction with SEB Investment GmbH 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.



For further information, please contact:


Xchanging

Meeta Thareja                        Tel: +44 (0)20 7780 5374

meeta.thareja@xchanging.com


Cardew Group                        Tel: +44 (0)20 7930 0777

xchanging@cardewgroup.com






About Xchanging


Xchanging is a fast growing, pure play global business processor with
blue chip customers. We provide complex industry specific processing
services to the banking and insurance industries as well as
procurement, finance and accounting, and human resources services
across industries.


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 staff. It has recently acquired a full banking licence
and is regulated by Bundesbank and BaFin.


About SEB


SEB AG is the German subsidiary of a leading Northern European
financial group. In Germany, the bank serves approximately one million
customers in 174 branches. SEB's business areas include retail clients,
corporate and real estate customers, institutional customers and asset
management. Its product offering ranges from classical banking products
for retail clients to complex financial solutions for international
corporates.








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