The manager of the private bank Andbank, Andbank Wealth Management, is transferring the deposit of part of its managed assets (FCPs Sigma) from Spain to Luxembourg, in a new structure that has been named Sigma Investment House.
The change of structure is part of a global project of the entity, which is carried out with the aim of further internationalizing its services, gain scale and increase efficiency.
In this line, the firm began the migration of Spanish products to Luxembourg in March and has already transferred around 405 million euros. When the process ends, the figure will reach 650 million.
The funds transferred to the Duchy, which will be accessible to the international clients of the entity, are five multi-profiled funds, the Best range -considered by Carmignac, Morgan Stanley and JP Morgan AM- and the direct equity management strategies of Iberia, Europe and USA, two short-term fixed-income strategies in euros and dollars, two global fixed income in euros and dollars, and two flexible mixed funds.
In this reorganization, Luxembourg will be the platform from which the distribution of most of its investment funds will be channeled, they explain.
"Andbank has five asset managers in Spain, Israel, Brazil, Luxembourg and Andorra, and our goal is twofold: first internationalize management by incorporating the best practices of each country into a single platform in Luxembourg with a global offer of investment funds and second, to be able to offer all these investment solutions to clients around the world. In the current context, it makes much more sense to gain efficiency and scale, always preserving the commitment to the talent and experience of our management teams in the different jurisdictions in which we are present, "explains Carlos Pérez Parada, CEO of Andbank Wealth Management.
According to the digital newspaper El Independiente, the volume of assets invested in managed portfolios, saves and funds with a more local bias will remain in Spain. They will also continue to manage pension funds in Spain, by delegation.
Worldwide, the Andbank group has offices in Spain, the United States, Mexico, Brazil, Israel, Luxembourg, and Andorra, among others.
Andbank Wealth Management manages more than 1,700 million euros in June 2018 through funds, saves`, investment portfolios and pension plans, according to the entity's data.
SUBMITTED BY By Funds Society, Madrid