VPS will separate its fund services activities that do not require official authorisation and combine these with VPS’s Swedish subsidiary company Evolution Software Sweden AB (Evolution). The transaction is scheduled for 1 September 2017, at which point Evolution will change its name to Centevo AB.
“We see an increasing need for our services to be delivered from one provider to make the processes involved as simple as possible for customers. This is an area that VPS is keen to focus on further. Centevo will be one of the leading companies in this market in the Nordic region. Our aim is to strengthen this position further”, comments John-Arne Haugerud, Chief Executive Officer of VPS.
Setting up Centevo will involve a number of positive changes. It will create a provider with significant resources and expertise, customers will be able to access more services from the same provider, our resources will be used more efficiently, and product and service development will be quicker. Dialogue with customers and contractual issues are also areas that will be simpler for customers.
VPS will also develop its offer in the securities register area to ensure it remains attractive for fund management companies to register their funds with VPS and for fund investors to hold their fund units on a securities account that is available in VPS Investor Services.
About Evolution and VPS Fund Services
VPS has delivered a unit holder register system and associated services (Fund Services) to the Norwegian funds market since 1991. Funds registered with VPS represent in excess of 50% of the total assets under management registered with the Norwegian Fund and Asset Management Association. VPS acquired the Swedish company Evolution in 2013, giving VPS the opportunity to meet demand for a broader set of services, in addition to geographic expansion. Evolution and VPS have delivered products and services in the areas of unit holder register systems and active management (portfolio management) in the Nordic region since 2013. VPS and Evolution together have more than 50 customers in Norway and Sweden, a growing number of which are customers of both companies.
For further information, please contact:
John-Arne Haugerud, Chief Executive Officer; Tel. +47 901 15337
Leif Arnold Thomas, Head of Fund Services; Tel. +47 982 15520