Allfunds is acquiring Nordic Fund Market (NFM) from Nasdaq in a move aimed at strengthening its global presence in wealth management, gaining a stronger local foothold in Sweden, Norway, Finland, Denmark and the Baltics.
The transaction, still subject to customary regulatory approvals and expected to close during the second half of the year, will enable Allfunds to increase another 50% in the Nordic region while NFM's current clients will benefit from Allfunds' service offering.
This offering includes an end-to-end service proposal covering the entire fund trading lifecycle, the broadest value-added services catalogue in the industry, independent investment research solutions, and digital reg-tech and advisory solutions to help distributors transform their client proposition to today's digital needs.
"Following this transaction Nasdaq will continue to offer its Nordic clients the best services proposition in its existing service lines, and use Allfunds as the most capable partner to lead and deal with current and upcoming fund distribution challenges," said Allfunds in a statement.
Allfunds is already one of the leading wealth platforms in the Nordics, with distribution agreements with over 20 clients, and has been growing strongly in the region over the past years as fund distributors increasingly outsource fund access & trading to full service platforms such as Allfunds.
Mattias Hammarqvist, CEO, Nasdaq Broker Services, said: "We are confident that the integration of Nordic Fund Market into Allfunds' leading fund platform is the best way to further develop the value proposition for our clients as well as the broader mutual fund ecosystem in the region.
"Since its launch in 2010, the Nasdaq Nordic Fund Market has developed into one of the leading mutual fund services in the Nordic region, and we believe Allfunds is perfectly positioned to further add to that success."
Allfunds CEO, Juan Alcaraz added: "This is an excellent opportunity for two leading financial and fintech players to agree to provide innovative solutions which take advantage of current and future challenges in the market. We are pleased to incorporate NFM's business and infrastructure into our platform while helping Nordic entities meet their global ambitions. This is a very important step for us as Allfunds has strong ambitions to deliver the number one fund services offering in the Region.
The Nordics, and in particular Sweden, are a core part of our strategy and I am very pleased that with the acquisition of NFM we can offer our clients the most comprehensive offering in the market".