ADEPA & INVERSIS CLOSE AN ALLIANCE TO BOOST THEIR LEADERSHIP IN FUND SERVICES
- Within the framework of this alliance, Inversis acquires a 40% stake in the Luxembourgish group Adepa.
- The alliance between Adepa and Inversis will accelerate the international rollout of the companies’ services in both management company (ManCO) and fund administration businesses (including investor services), and positions them as a reference to provide asset and wealth managers with local solutions in their home markets as well as a Luxembourg-domiciled solution for cross-border requirements.
- The operation will generate a unique value proposition in the field of management and administration of investment vehicles, especially in the markets of Southern Europe (Spain, Italy) and Latin America.
Madrid/Luxembourg, 5th of July 2022
Inversis, a wholly owned subsidiary of Banca March Group and provides institutional clients with global solutions for distribution of investment funds, acquires a 40% stake in Adepa, a Luxembourg based Super ManCo and fund administrator with UCITS and AIFM licenses covering a comprehensive range of asset classes and operations in Luxembourg, Spain, Italy and Chile.
This acquisition is subject to the approval of the Luxembourgish Commission de Surveillance du Secteur Financier (CSSF) and will be achieved partially through the purchase of shares from the controlling shareholder and through a dedicated increase of capital. For both groups, this agreement will accelerate international growth plans, taking advantage of the growth opportunities in all markets where Adepa is active, encompassing both organic growth as well as selected strategic acquisitions. The deal includes the option for Inversis to increase its shareholding in Adepa up to 100% after seven years.
By leveraging business model synergies and Adepa’s operational centers in Spain, Luxembourg, Italy and Chile, the companies will be able to offer more services and better value to existing clients while tapping into new market segments to accelerate growth and the international roll out strategy.
In Spain, Inversis and Adepa have agreed to consolidate all administration services in Adepa’s Spanish subsidiary, while Inversis Gestión will continue to provide ManCo services.
Development of investment solutions in Luxembourg
The alliance will provide a truly unique one-stop-shop ManCo and fund administration solution, especially in Southern European and Latin American markets, allowing asset and wealth managers to focus on their core business and increase the growth of their managed vehicles in local markets as well as internationally using Luxembourg-domiciled fund structures.
Alberto del Cid, Chief Executive Officer of Inversis: “The signing of this alliance and the following acquisition of 40% of Adepa will allow us to expand the range of solutions and services we provide to a key segment of our clients, investment and pension fund managers and, in particular, private equity fund managers. We will be able to support them to expand beyond UCITS fund structures and beyond the Spanish market, with a global approach consistent with our strategy to deliver comprehensive solutions to our institutional clients. The family nature of both groups as well as a shared vision and values in terms of long-term commitment to our clients makes this a very good cultural fit. We are confident that this alliance will advance the development of new markets and solutions for our clients.”
Carlos Alberto Morales, shareholder, founder and CEO of Adepa explained: “Our ambition is to roll-out beyond Luxembourg and the markets where we are already present, to service global markets that require our solutions. Our main objective is to be a catalyst for our clients’ growth, by enabling them to focus on their core business. To this end, our strategy is to provide them with a one-stop-shop solution that meets the needs of both their local fund structures as well as their international ambitions by supporting them to develop multi-jurisdictional solutions using Luxembourg-domiciled fund structures. Having the same vision, shared objectives, and the ambition to create a unique international fund services business provides a solid foundation for the partnership with Inversis. Together, Adepa and Inversis will offer asset and wealth managers a unique offering that is unmatched in terms of the breadth and depth of our solutions.”
ADEPA is an independent Luxembourg based strategic partner of asset and wealth managers, providing a one-stop-shop for all activities required to establish, operate, distribute, administer, and comply with regulatory requirements for any type of fund structure.
ADEPA has UCITS and AIFM licenses covering a comprehensive range of asset classes including listed equities, fixed income, real estate, private equity, derivatives, infrastructure, and private debt funds. The company has a passport to service fund promoters across the EU from Luxembourg.
Core services include ManCo, fund administration, corporate services, and a range of investor services such as transfer agent. ManCo services encompass ultimate responsibility for fund governance, maintaining the portfolio of investments, safeguarding investor interests and appointing service providers. Fund administration comprises net asset value calculations, asset pricing, calculating fees and preparing accounts. Corporate services relate to legal support, domiciliation, fund onboarding, compliance, and liaison with custodian banks. Investor services include processing subscriptions, redemptions and distributions, KYC and AML procedures, maintaining registers and managing investor communications.
The ADEPA group conducts its business through ADEPA Asset Management, a management company based in Luxembourg with authorized branches in Spain and Italy. The ADEPA Group also has subsidiaries in Spain, Italy and Chile through which it provides administration services to asset and wealth management companies.
INVERSIS, a wholly owned subsidiary of Banca March, is the leading Spanish company offering global investment technology solutions and outsourcing of services to financial institutions, insurance companies and new players seeking to enter the investment products distribution business.
Since its incorporation, INVERSIS has been constantly investing in cutting-edge technology and innovation in order to adapt quickly to the needs of institutional clients. Thanks to its technology, INVERSIS has developed unique skills to provide its services to institutional clients and their final beneficiaries. Leveraged on this offering, INVERSIS’ institutional clients can outsource activities and processes that are not part of their core business to INVERSIS, thereby increasing their focus and efficiency.
INVERSIS stands out for its one-stop-shop solutions aimed at financial institutions and new entrants in the investment product distribution business. These services, in addition to covering all investment services (reception, transmission and execution of orders, settlement of transactions and custodial services) for any kind of financial instruments (equities, fixed income, derivatives, etc.) are provided at the level of the final beneficiary level, allow INVERSIS’ institutional clients to fully outsource their operations and technology. Last but not least,
INVERSIS runs its own fund distribution platform, Funds Globe. The combination of this distribution platform together with the specific services rendered to asset managers (administration and depositary) provides a truly global solution for investment fund managers and other vehicles.
For further information:
Sarah Esch, Public Relations, Phone: 00352 26 89 80 1