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MFEX and Euroclear aim to create funds "utility"

jean devambez MFEX EuroclearEuroclear’s acquisition of MFEX will create a new funds market utility to benefit fund distributors and fund managers, the firms said.

Euroclear has agreed to acquire MFEX Group, a global digital fund distribution platform, majority owned by private equity firm Nordic Capital.

Euroclear will combine MFEX with FundSettle, Euroclear’s back office operations function.

The firms said this would create a “compelling offering for fund distributors and fund management companies globally”.

MFEX Group is headquartered in Stockholm with over 300 employees internationally and has assets under administration of €320 billion and over 350 institutional users, according to the firm.

Financial details for the deal, which was announced last week, were not disclosed.

Jean Devambez, the recently appointed CEO of MFEX Group, said: “Over the past years, we have together with Nordic Capital invested in our platform and continued to transform the fund distribution proposition. Euroclear is a great strategic fit for the next stage of our journey. By adding our respective strengths, we will be able to build an even better and stronger solution for fund distribution.”

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