Threadneedle acquires World Express Funds
Threadneedle, a leading international asset management company, has announced the completion of the acquisition of Standard Chartered Bank’s World Express Funds investment funds business.
This transaction provides Threadneedle with an established Luxembourg-based SICAV platform, including 35 funds, to complement its existing range of funds and products. The SICAV business has AUM of over US$2.38 billion as at 30 April 2009.
The SICAV platform strengthens Threadneedle’s product range, providing better alignment with the needs of different investors by offering a wider choice of investment vehicles. The deal also significantly accelerates the company’s global expansion by enhancing and opening up new channels in Europe and Asia, in particular with distributors such as banks serving retail clients, and provides an immediate entry into the Taiwan market.
This strategic initiative marks an important milestone in Threadneedle’s on-going growth plan across major European and Asian markets. The SICAV as a vehicle is trusted and recognised across Europe and Asia, and Threadneedle expects the World Express Funds platform to help continue to grow Threadneedle’s presence in those regions.
Threadneedle will also become a strategic partner to Standard Chartered Bank, securing Threadneedle as one of the global preferred fund providers to the bank. This brings together Threadneedle’s proven investment capabilities with Standard Chartered’s established private and consumer bank distribution network.
James Campion, Head of Asia Distribution, Threadneedle said, "We’re delighted with the completion of this deal. This acquisition is a positive step for Threadneedle and our investors, not only does it enhance our fund range but it also enables us to offer more choice for investors across Europe and Asia. Our strategic partnership with one of the premium global banks will also help facilitate Threadneedle’s development and distribution expansion particularly in Asia."