Successful entry into the Scandinavian market for VP Fund Solutions and VP Bank
VP Fund Solutions (Luxembourg) SA has assumed the management company activities of Carnegie Fund Services S.A. with effect from 01 October 2018, following its departure from the market. The custodian function is also exercised by Luxembourg-based VP Bank (Luxembourg) SA on the same date. At the same time, portfolio management will continue to be performed by Carnegie Investment Bank Stockholm and Copenhagen.
This concerns all of the Luxembourg investment funds of the Carnegie Investment Bank in Sweden and Denmark. Its complete range of Luxembourg traditional and alternative investment funds with a total volume of just over EUR 1 billion is included. The investment funds were successfully migrated as at 01 and 16 October 2018.
Carnegie Investment Bank AB is a Swedish financial services group headquartered in Stockholm and with activities in the fields of securities trading, investment banking and private banking. The management company “Carnegie Fund Services S.A.” has been operated in Luxembourg since 1995.
VP Fund Solutions (Luxembourg) SA, which was founded in 1998, is VP Bank Group’s competence centre for third-party investment fund services. VP Bank (Luxembourg) SA was founded in 1988. Its core competences include custodian bank services for third-party funds as well as asset management and investment consultancy. A total of approx. 130 employees serve the clients of VP Bank in Luxembourg.
“Securing this new commission with Carnegie has enabled us to make a successful entry into the Nordic Market. Further discussions with other independent asset managers are currently ongoing,” says Eduard von Kymmel, Head of VP Fund Solutions.