German-based Fondsdepot Bank, an enterprise partnership of Xchanging and Gothaer Invest- und FinanzService have signed an investment account administration contract.
As part of the deal, Fondsdepot Bank will take over the administration of 42,000 investment accounts of Gothaer Invest- und FinanzService. In addition, the fiduciary business relating to equity-linked life assurance, with a volume of EUR390m, will be transferred. The fiduciary business relating to equity-linked life assurance, with a volume of EUR390m, will also be transferred.
The administration of the customer accounts is expected to be transferred from the current platform to Fondsdepot Bank’s IT platform by August 15, 2010.
In April 2010, Fondsdepot Bank had signed a contract with Veritas Investment Trust about the transfer of its investment accounts to Fondsdepot Bank’s processing platform. Following the transaction, Gothaer Invest- und FinanzService will now transfer the administration of investment accounts to Fondsdepot Bank.
Xchanging is a UK-based provider of processing services to the financial services industries.