INVERSIS acquires 40% stake in ADEPA

• The alliance between ADEPA and INVERSIS will accelerate the international rollout of the companies’ management company (ManCO), fund administration businesses [and investor services], providing asset and wealth managers with local solutions in their home markets as well as a Luxembourg-domiciled solution for cross-border requirements.
• ADEPA is present in four countries (Luxembourg, Italy, Spain and Chile) and is licensed to manage and administer both UCITS and alternative investment funds, covering a comprehensive range of asset classes including real estate, private equity, derivatives, commodity and fixed income funds.
• The companies will merge their Spanish fund administration businesses under the ADEPA brand, while ManCo services in Spain will continue to be provided by INVERSIS Gestión. Outside of Spain, ManCo, fund administration [and investor services]will be provided under the ADEPA brand.

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adrid/Luxembourg, 5th of July 2022. INVERSIS is a wholly owned subsidiary of Banca March Group and provides institutional clients with global solutions for distribution of financial instruments. ADEPA is a Luxembourg based Super ManCo and fund administrator with UCITS and AIFM licenses covering a comprehensive range of asset classes and operations in Luxembourg, Spain, Italy and Chile. The two companies have reached agreement to team up to create a global fund services business to meet the domestic and cross-border needs of funds in selected markets.

Subject to the approval of the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, INVERSIS will become a 40% shareholder in ADEPA and inject the necessary capital to accelerate an international expansion plan encompassing both organic growth as well as selected strategic acquisitions. The deal includes the option for INVERSIS to increase its shareholding in ADEPA to a controlling stake after 2028.

By leveraging business model synergies and ADEPA’s operational centers in Spain, Luxembourg, Italy and Chile, the companies will be able to offer more services and better value to existing clients while tapping into entirely new market segments to accelerate growth and the international roll out strategy. In Spain, INVERSIS and ADEPA have agreed to consolidate all administration services provided to investment and pension fund management companies in ADEPA’s Spanish subsidiary, while INVERSIS Gestión will continue to provide ManCo services to these clients.

The alliance will provide a truly unique one-stop-shop ManCo and fund administration solution, especially in the Southern European and Latin American markets, allowing asset and wealth managers to focus on their core business and increase the growth of their managed vehicles in local markets as well as internationally using Luxembourg-domiciled fund structures.

Alberto del Cid, Chief Executive Officer of INVERSIS: “We are very pleased with this agreement. It will allow us to expand the range of solutions and services we provide to a key segment of our clients, investment and pension fund managers and, in particular, private equity fund managers. We will be able to support them to expand beyond UCITS fund structures and beyond the Spanish market, with a global approach consistent with our strategy to deliver comprehensive solutions to our institutional clients. The family nature of both groups as well as a shared vision and values in terms of long-term commitment to our clients makes this a very good cultural fit. We are confident that this alliance will advance the development of new markets and solutions for our clients.”

Carlos Alberto Morales, shareholder, founder and CEO of ADEPA explained: “Our ambition is to roll-out beyond Luxembourg and the markets where we already present, to service global markets that require our solutions. Our main objective is to be a catalyst for our clients’ growth, by enabling them to focus on their core business of investment management. To this end, our strategy is to provide them with a one-stop-shop solution that meets the needs of both their local fund structures as well as their international ambitions by supporting them to develop multijurisdictional solutions using Luxembourg-domiciled fund structures. Having the same vision, shared objectives, and the ambition to create a unique international fund services business provides a solid foundation for the agreement with INVERSIS. Together, ADEPA and INVERSIS will offer asset and wealth managers a unique offering that is unmatched in terms of the breadth and depth of our solutions.”

Salvador Martín, INVERSIS Deputy General Manager of International and Corporate Development said: “The agreement with ADEPA will accelerate our international development strategy. The shared global ambitions, common vision in terms of markets and the complementarity of our range of solutions will enhance the services offered to ADEPA’s current international clients and enable us to take on other international business development projects thanks to our presence in Luxembourg.”

About ADEPA:
ADEPA is an independent Luxembourg based strategic partner to asset and wealth managers, providing a one-stop-shop for all activities required to establish, operate, distribute, administer and comply with regulatory requirements for any type of fund structure.

ADEPA has UCITS and AIFM licenses covering a comprehensive range of asset classes including listed equities, fixed income, real estate, private equity, derivatives, infrastructure and private debt funds. The company has a passport to service fund promoters across the EU from Luxembourg.

Core services include ManCo, fund administration, corporate services and a range of investor services such as transfer agent. ManCo services encompass ultimate responsibility for fund governance, maintaining the portfolio of investments, safeguarding investor interests and appointing service providers. Fund administration comprises net asset value calculations, asset pricing, calculating fees and preparing accounts. Corporate services relate to legal support, domiciliation, fund onboarding, compliance, and liaison with custodian banks. Investor services include processing subscriptions, redemptions and distributions, KYC and AML procedures, maintaining registers and managing investor communications.

The ADEPA group conducts its business through ADEPA Asset Management, a management company based in Luxembourg with authorized branches in Spain and Italy. The ADEPA Group also has subsidiaries in Spain, Italy and Chile through which it provides administration services to asset and wealth management companies.

About INVERSIS:
INVERSIS, a wholly owned subsidiary of Banca March, is the leading Spanish company offering global investment technology solutions and outsourcing of services to financial institutions, insurance companies and new players seeking to enter the investment products distribution business.

Since its incorporation, INVERSIS has been constantly investing in cutting-edge technology and innovation in order to adapt quickly to the needs of institutional clients. Thanks to its technology, INVERSIS has developed unique skills to provide its services to institutional clients and their final beneficiaries. Leveraged on this offering, INVERSIS’ institutional clients can outsource activities and processes that are not part of their core business to INVERSIS, thereby increasing their focus and efficiency.

INVERSIS stands out for its one-stop-shop solutions aimed at financial institutions and new entrants in the investment product distribution business. These services, in addition to covering all investment services (reception, transmission and execution of orders, settlement of transactions and custodial services) for any kind of financial instruments (equities, fixed income, derivatives, etc.) are provided at the level of the final beneficiary level, allow INVERSIS’ institutional clients to fully outsource their operations and technology. Last but not least, INVERSIS runs its own fund distribution platform, Funds Globe. The combination of this distribution platform together with the specific services rendered to asset managers (administration and depositary) provides a truly global solution for investment fund managers and other vehicles.

Advisors:
Novitas Capital Advisors acted as exclusive corporate finance advisor to ADEPA, while Deloitte acted as the exclusive corporate finance advisor to INVERSIS.

CONTACT INFORMATION: [email protected] / [email protected] | +27 21 701 3910 | www.novitas.co.za