National Australia Bank (NAB) has agreed to sell its managed funds service business Ausmaq to Clearstream, a post-trade services provider owned by Deutsche Boerse.
The transaction is expected to be completed in the second half of 2019 subject to closing conditions including regulatory approval.
This will be the first time Clearstream has entered the Australian market as the company focuses on external growth of its investment fund business. It said it was attracted by the fact Australia was the largest funds market in Asia Pacific.
Clearstream provides an infrastructure service to handle the link between Australian funds market back into global markets. Following the sale, Ausmaq customers will now have access to Australian custodian banks, wrap platforms and wealth managers with access to its fully-automated global funds processing platform Vestima.
Bernard Tancré, head of investment funds services at Clearstream, said: “Ausmaq is a perfect fit for Clearstream’s strategy in the Asia-Pacific region. As an established provider of fund processing solutions, the acquisition allows us to broaden our fund service offering in Australia and to provide our international customers with integrated solutions for the domestic market.”