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Clearstream, a post-trade services provider owned by Deutsche Borse Group, has agreed to acquire 100% of Swisscanto Funds Centre Ltd., London (SFCL) from Zurcher Kantonalbank (ZKB).

The companies did not reveal the exact financial terms of the deal, but said that the transaction would be a “high double-digit million euro amount”.

Funds platform SFCL will operate as a subsidiary of Clearstream following the completion of the deal, and all its employees based in London will join Clearstream. The acquisition will not impact the service for existing SFCL clients.

Clearstream said that the acquisition supports expansion of its fund services with the management of distribution contracts and data processing.

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Post deal completion, ZKB will continue to serve as one of the main distribution partners of SFCL.  ZKB subsidiaries Swisscanto Fund Management Company and Swisscanto Asset Management International will also continue to serve as large fund providers for SFCL.

Clearstream head of investment funds services and Clearstream Banking co-CEO Philippe Seyll said: “The knowhow we acquire from SFCL in areas such as distribution contract management, data management and dissemination, combined with our expertise in funds processing will enable us to provide our clients with new value-adding services. This further bolsters our strong position in the funds space.”

Through the acquisition, Clearstream expects revenues in the “low double digit million euro area”.

The deal is slated to be completed in the third quarter of this year, subject to regulatory nod. Deutsche Borse expects the deal to be accretive in the first year.