Ahorro Best Funds is the institutional distribution platform of investment funds for financial institutions.
Ahorro Corporación Financiera CEO Gonzalo Chocano said: “this transaction strengthens our balance sheet and responds to the strategy of reinforcing our investment banking business that has been agreed by our shareholders, Storm Harbour and Atitlán”.
The deal, which already secured approval from the National Securities Market Commission (CNMV), allowed MFEX to open a new office in Madrid.
The Spanish office will enable MFEX to serve customers in Spain, Portugal, Andorra, Italy and Latin America, and will help the company to expand in Southern Europe.
MFEX already operates with multiple Spanish fund companies, including BBVA Asset Management, March Asset Management, Arcano Asset Management, EDM and Cartesio.
The company is also planning to increase its number of partnerships in Spain, Portugal and Andorra
MFEX Spain head Pierre-Eric Patricola said: “Our local presence in Spain allows us to offer tailor made services of proximity including ”traspasos.
“MFEX also brings to the Spanish market a fast and efficient processes to collect rebates while helping foreign fund companies distribute their funds in Spain and assisting Spanish fund companies in the cross-border distribution of their funds.”
MFEX said it has assets of €120bn under intermediation as of June this year considering the ongoing acquisition of Axeltis, the platform of the French saving banks.
The company has distribution agreements with over 820 international asset management firms and covers more than 60,000 funds from 44 different legal domiciles.
With offices in Stockholm, Paris, Geneva, Milano and Singapore, MFEX provides its clients and partners with transparent solutions through a complete set of MIFID2 compliant services.
Ahorro, which provides financial services to institutional and retail investors, is regulated and supervised by CNMV.
