Fidelity International Weighs Sale of €35 Billion Fund Platform
Fidelity International is collaborating with investment bank Rothschild to discover potential purchasers for its fund platform in Germany, as per individuals who are knowledgeable about the situation.
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The company, FIL Fondsbank Gmbh, may draw the attention of market infrastructure firms and private equity investors, according to sources. The company offers a broad selection of investment products to independent financial advisors, banks, and asset managers based in Germany and Austria.
The blog section is currently in an initial phase, and it is uncertain if it will result in a deal, according to anonymous sources familiar with the matter. The individuals providing this information have requested to remain unidentified as the process is not publicly disclosed. Fidelity has chosen not to provide any comments regarding this matter, while efforts to reach representatives of Rothschild have been unsuccessful.
The Fidelity transaction joins a string of fund platform sales, as banks aim to release capital by divesting peripheral enterprises to purchasers who can provide cost efficiencies and advancements in technology. UBS Group AG recently sold its fund platform to Clearstream, owned by Deutsche Boerse AG, and DWS found a buyer for its digital investment service IKS in private equity firm BlackFin.
According to its website, FIL Fondsbank is a prominent platform in Germany, offering a wide range of options with over 9,000 funds and 1,000 ETFs. With a staggering €35.4 billion ($38.5 billion) under management, as well as approximately 650,000 accounts and a banking license within Germany, it is deemed as one of the largest independent platforms in the country. Nevertheless, it is important to note that FIL Fondsbank is just a fraction of the much larger Fidelity International, which manages a colossal $720 billion in total.
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