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SEB to sell Luxembourg-based fund services unit

Skandinaviska Enskilda Banken AB signed a purchase agreement with FundRock Management Co. SA to sell its wholly owned Luxembourg-based unit SEB Fund Services SA, subject to customary regulatory approvals.

The unit handles legal and administrative services for medium-sized Nordic asset managers. Under the deal, its business and 20 employees will be transferred to FundRock.

Financial details of the deal were not disclosed.

SEB said the deal will have an insignificant effect on its earnings. Its asset management, private banking and other operations in Luxembourg will also be unaffected.

FundRock provides fund management company services in Luxembourg, the U.K. and Ireland. It has about €44 billion in AUM.