Moventum acquired by fund provider Atlantic

Moventum, the Luxembourg platform company, has been taken over by independent fund services provider Atlantic Fund Services to enable it to become a “direct fund distributor”.

Moventum acquired by fund  provider Atlantic

|

The deal, which has now received approval from the Luxembourg regulator, involved Atlantic acquiring the 81.36% share capital held by US company Global Portfolio Advisors and the Banque de Luxembourg’s 18.64% holding.

Moventum has 1,850 investment advisers servicing more than 44,000 investors representing over €3.5bn in assets under administration. 

Smaller player Atlantic has operated in the Luxembourg market since 2011 together with a longer 18 year history in Poland. It also has an operation in the US, where it has provided administration services since 1986.

In a statement, Roman Lewszyk, chairman and chief executive of Atlantic’s European business said: “Until now we have been a rather modest distributor. The acquisition of Moventum will let us seriously step into the market of global distribution of funds.”

He added that by operating from a single platform, the two financial services brands under one umbrella would accelerate Atlantic’s strategic initiative to expand in the European market organically and through acquisitions.

John Keffer, chairman of Atlantic US business, said the acquisition allowed Atlantic to becomes a direct fund distributor.

“Atlantic is highly experienced in creating and developing internet and transfer agent technologies for leading asset managers.  Moventum now gains access to Atlantic’s advanced technology solutions. We are also delighted that Moventum expands Atlantic’s distribution opportunities for U.S. advisers offering products in Europe.”

Michael Fordham, managing director of Platform One, which uses Moventum as its offshore funds outsourcing partner, said: “We welcome this news as we believe that Atlantic Funds, the new owner of Moventum, should be good for the future development of the Moventum business and its services.”
 

MORE ARTICLES ON