Waystone, a leading global provider of specialist services to the asset management industry, has announced the successful completion of its acquisition of BIL Manage Invest from Banque Internationale à Luxembourg (BIL) Group, following regulatory non-objection from the Commission de Surveillance du Secteur Financier (CSSF).
BIL Manage Invest, a well-established Luxembourg-based Management Company within the BIL Group, will now become part of Waystone. This acquisition is expected to increase assets under management (AUM) in Waystone’s Luxembourg Management Company by approximately 15% and significantly strengthen its market presence and capabilities across Europe.
As part of the integration process, the BIL Manage Invest team will join Waystone’s Luxembourg office, bringing with them extensive expertise and a strong client portfolio. BIL Manage Invest will be renamed Waystone Fund Management before being merged into Waystone’s existing Luxembourg Management Company at a later stage, subject to all necessary regulatory approvals.
The deal represents the latest step in Waystone’s global growth strategy and marks a key milestone in its ambition to become the leading provider of third-party ManCo, alternative administration and corporate services in Luxembourg.
Sanjiv Sawhney, Group CEO of Waystone, said: “This successful closing is a testament to the dedication and collaboration across our teams and marks a significant milestone in our strategic growth journey. The acquisition strengthens our presence in Luxembourg, enhancing our ability to serve our clients by leveraging our combined expertise and networks.”
Denis Harty, Country Head of Waystone, Continental Europe, commented: “The acquisition of BIL Manage Invest is a major milestone in our strategy for Continental Europe, for which Luxembourg plays a pivotal role. This integration further deepens our long-standing relationships with continental European clients and we’re delighted to welcome an exceptional team of new colleagues who will further enable us to support clients in their growth journeys.”
Alain Bastin, Chief Executive Officer of BIL Manage Invest, added: “The acquisition marks an exciting new chapter for the team at BIL Manage Invest. We’re proud of what we’ve built and thrilled to be joining forces with a company that shares our values and our commitment to innovation and excellence. This milestone opens up new opportunities for growth and we look forward to what’s ahead.”
