Wealth distribution platform Allfunds has agreed to snap up Nordic Fund Market (NFM), an electronic mutual fund service, from Nasdaq.

Financial terms of the transaction were not revealed.

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Through the acquisition, Allfunds aims to bolster its presence in Sweden, Norway, Finland, Denmark and the Baltics.

Allfunds is said to be “one of the leading wealth platforms in the Nordics”.

The firm has distribution agreements in place with over 20 clients in the region.

The NFM deal is said to support Allfunds’ growth in the Nordics by an additional 50%.

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Allfunds CEO Juan Alcaraz said: “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.”

The deal is expected to be wrapped up in the second half of this year.

It is currently pending regulatory nod.

Nasdaq Broker Services CEO Mattias Hammarqvist 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.”

The latest deal comes more than a year after Allfunds’ announcement to buy Finametrix, a provider of portfolio management and analysis solutions for asset managers.