Leading provider of support services for financial institutions, ProService Finteco, has finalized the takeover of Luxembourg-based Moventum, a financial services company. The Luxembourg financial regulator, the CSSF, has already given its required approval of the transaction 

ProService Finteco Group is a leading company in its field, operating as a transfer agent offering settlement, fund valuation, and corporate accounting services. It also provides the accompanying IT technologies and solutions. The company is owned by funds managed by Oaktree Capital Management and Cornerstone Partners.

"The acquisition of Moventum is a milestone in the development of ProService Finteco – from now on we will become a player of a completely different class. We are entering a challenging, highly developed financial market, and the approvals from very demanding regulatory authorities are the best proof," Andrzej Klesyk, managing partner at Cornerstone Partners who supervised the transaction, said.

"It is a great responsibility, but also a great opportunity. We will definitely not waste it," he added.

Moventum has over 40,000 customers in over 120 countries worldwide, who can choose among more than 10,000 products, including ETFs and other securities. The company works with more than 1,600 financial advisors, and its offices are located in five countries – Luxembourg, Germany, Austria, Poland, and the Czech Republic.

After the merger, the value of assets under management will increase to over €30 billion.

(WBJ)