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Luxembourg clears Moventum-ProService Finteco merger

Luxembourg clears Moventum-ProService Finteco merger

by Zuzanna REDA-JAKIMA 28.05.2021 From our online archive
Deal sealed almost two years after news of the acquisition first came out
Moventum is headquartered in the Cloche d'Or district
Moventum is headquartered in the Cloche d'Or district
Photo credit: Gerry Huberty

Polish fund services provider ProService Finteco received regulatory approval to acquire Luxembourg-based funds platform Moventum, the companies said on Friday. The news about the planned acquisition was first reported by the Luxembourg Times in June 2019.

Back then, the companies were already in the process of clearing the transaction with the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier or CSSF. 

The approval is a standard requirement for any merger. The time it takes the CSSF to approve such deals depends on complexity, the quality of documentation, the financial situation of the companies, and how responsive the interested parties are, among others.

Warsaw-headquartered ProService Finteco operates as a transfer agent offering settlement, fund valuation, and corporate accounting and is owned by private equity group Oaktree. Following the merger, the value of assets under management by the group will exceed €30 billion. 

The two parties have not disclosed the value of the transaction. 

The new owner does not plan a rebranding. “We do not have plans to change the Moventum brand,” company spokeswoman Emilia Zakrzewska said.

After the merger, ProService will count some 1,100 employees, after adding 86 people currently on Moventum’s payroll. “We do not plan any layoffs, quite the contrary, as we will be adding new staff,” Zakrzewska said.

The deal comes six years after Polish businessman Roman Lewszyk bought Moventum from Banque de Luxembourg and Global Portfolio Advisors, when he was the CEO of Atlantic Fund Services. 

ProService Finteco is a rival of Moventum in Poland.

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