FundRock, a Luxembourg-based third-party management company part of the Apex Group, said on Monday that it has expanded its relationship with UK-based fund manager Fundsmith to now include distribution services in Europe, particularly Italy.
In addition to existing ManCo services, FundRock’s distribution unit will now provide distribution services, enabling Fundsmith to distribute its funds in Europe. FundRock will provide specific resources and support to Fundsmith in the Italian market, the firm said.
“We are delighted to extend our existing relationship with FundRock to help manage our post Brexit EU distribution,” said Mark Laurence, chief operating officer at Fundsmith, in a statement. “In particular it will allow us to target the Italian market through the services of incoming FundRock Sales Director, Giuseppe Bellavia, who joins from Allianz Global Life.”
FundRock said it enables clients to streamline their operations in a cost-effective manner by offering third-party ManCo and fund distribution services under one roof, complemented by a wide range of fund administration, middle office, banking, depositary and custody services delivered through parent company Apex Group.
Distribution into European markets
“We look forward to supporting Fundsmith to distribute their funds more efficiently and effectively into European markets, while ensuring the highest standards of governance and regulatory compliance,” said Arnaud Gérard (photo), head of distribution at FundRock.
FundRock’s proximity to clients’ key marketing and distribution markets, delivers significant time, resource and cost benefits through an established network of more than 200 experts in key jurisdictions including Luxembourg, United Kingdom, Ireland, Netherlands, France, Abu Dhabi and Singapore, the firm said.
FundRock recently won business from other UK-based asset managers, including Royal London Asset Management. It also announced the opening of a new office in Amsterdam earlier this year. The firm oversees asset in more than 470 funds that collectively hold some 119 billion euro in assets under management. FundRock has more than 170 employees in eight countries including Luxembourg, United Kingdom, Ireland, France, Abu Dhabi and Singapore.