Fondsdepot Bank, an enterprise partnership of Xchanging and Allianz Global Investors, will administer savings plan accounts on behalf of OnVista Bank.
According to Xchanging, the accounts will be transferred from Onvista Bank’s current platform to Fondsdepot Bank’s IT platform on August 15, 2010.
OnVista Bank offers brokerage capabilities for active traders and investors. The bank is part of OnVista-Group, an internet company with a focus on financial markets. The accounts that Xchanging will administer are from the capital formation savings payments business of OnVista Bank and do not include the bank’s online brokerage business accounts.
Matthias Sohler, head of Xchanging Continental Europe and managing director of Fondsdepot Bank, said: “Our growth to date confirms that independent financial advisers have fully accepted the business model of Fondsdepot Bank, a model which is not bound to certain products and distribution channels. Hence they are choosing us for the administration of their customer accounts.”