Allen & Overy has advised SEB Fund Services S.A., a Luxembourg subsidiary of the Swedish banking group Skandinaviska Enskilda Banken (SEB), on its acquisition by FundRock Management Company S.A.

SEB Fund Services S.A. is a wholly owned subsidiary of SEB that handles legal and administrative services for medium-sized Nordic asset managers with mutual funds domiciled in Luxembourg.

The business, including some 20 employees, will be transferred to FundRock. With this sale, SEB will continue to offer fund management company services via an exclusive cooperation agreement with FundRock thereby strengthening SEB’s customer offering for these services.

The transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2018.

The core Allen & Overy team was led by Luxembourg based partner André Marc (Banking/Employment), counsel Jacques Graas (Corporate/M&A) and associate Laurent Goyer (Corporate/M&A), with support by counsel Christopher Dortschy (Regulatory), senior associate Charles-Henri Laevens (IP/IT) and associate Nora Buol (Regulatory).