EUROPE - JPMorgan has acquired Investia's majority holding in FundsHub, Europe's first outsourced fund supermarket solutions provider, for an undisclosed sum. FundsHub's management and employees will also take an increased stake in the business.
Mark Lund, chief executive of FundsHub, said: This is a positive step forward for our business and will give a new focus and sense of independence for FundsHub after a remarkable year for the company.
FundsHub’s recent milestones are proof that our concept of being an outsourced fund supermarket solutions provider works and we have been a strong survivor among the technology ventures. This new ownership structure will secure our future and ensure our success.
In May 2001 FundsHub announced its first German customer, the insurance group Gothaer. This was followed in November by the launch of Old Mutual’s new fund multi-manager Selestia, with the technology and operations solution provided by FundsHub.
Mark Tennant, senior vice president, JPMorgan Investor Services, said: This additional commitment to FundsHub is evidence of our continuing belief in the increasingly important role that funds supermarkets will play in Europe as open architecture becomes the norm.
“Estimates from leading industry research companies suggest that funds supermarkets will be a very important method of fund distribution. One such survey, suggests that as much as 25% of net European inflow to funds will be via funds supermarkets by 2004.
Jonathan Meggs, senior partner at JPMorgan Partners, said: This buyout shows the commitment of JPMorgan and FundsHub's management to the outsourcing route for fund supermarkets. Our investment reflects our strong belief that more and more financial services organisations will deploy FundsHub's product to enable their customers to research and purchase investment funds via both existing and new sales distribution channels.
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