Fondsdepot Bank, an Enterprise Partnership of Xchanging and Allianz Global Investors, has been chosen by VERITAS INVESTMENT TRUST GmbH (VERITAS) for the administration of approximately 100,000 investment accounts. The migration of the investment accounts from VERITAS' current platform onto Fondsdepot Bank's IT platform is expected to be completed by 15 August 2010.


VERITAS is an investment company founded in 1991, and was formerly co- owned by Societe Generale. VERITAS' products are predominantly stock-oriented retail funds and funds of funds, including A2A fund of funds and the innovative ETF funds of funds. These are distributed via 280 distribution partners in Germany and Austria.


In January 2010, Xchanging was chosen by SEB Bank and SEB Asset Management for the administration of their B2B investment accounts business. This transaction will make Xchanging the largest independent investment account processing platform in Germany. Xchanging continues to lead the consolidation of the mid-market investment account processing and will have approximately 1.6 million investment accounts and EUR31 billion assets under administration by the end of 2010.


Markus Kaiser, Managing Director of VERITAS INVESTMENT TRUST GmbH stated, "Xchanging is our processor of choice for the administration of our investment accounts. Xchanging's track record of processing quality perfectly matches the high quality of our award-winning funds portfolio. Focussing on our core business as well as process and cost efficiency is of critical importance to us."


David Andrews, CEO Xchanging said, "I am delighted to welcome VERITAS as another highly valued customer to our fast-growing investment accounting Enterprise Partnership with Allianz".


Matthias Sohler, Head of Xchanging Continental Europe and Managing Director of Fondsdepot Bank added, "Xchanging continues to be a key player in the consolidation of the German investment account processing market. The conclusion of another important deal confirms that we are on the right track. As we are not aligned to a particular bank or organisation but only to the interests of our customers, an increasing number of companies are transferring their business processing to us. Our position as an independent platform provider is paying dividends and we are well positioned for growth in Germany and Europe more broadly."


Fondsdepot Bank
Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global Investors. Since its launch in 2007, the two partners have successfully been targeting additional investment account administration business for the joint platform.


The first milestone in the growth of this business was the acquisition of the Munich-based FondsServiceBank (FSB), previously DAB bank AG, in May 2009. As part of the deal, Fondsdepot Bank had the potential to take over all distribution partner contracts and approximately 460,000 customer contracts relating to the safekeeping and administration of investment fund accounts. The migration of the accounts onto Fondsdepot Bank's platform was successfully completed on time and on budget in April 2010.


The second milestone was the take-over of B2B investment account business administration for SEB Bank and SEB Asset Management announced at the beginning of this year. This transaction with VERITAS represents another significant milestone in the growth of this platform.


Fondsdepot Bank serves approximately 80 large distribution partners such as DVAG, BCA, Fondsnet, Argentos as well as distribution companies of large insurers and banks. Its customers also include a number of well-known investment companies such as Allianz Global Investors, MEAG Munich ERGO Kapitalanlage and Pioneer Investments.