Clearstream Fund Centre will focus on serving global banking, custodian and wealth management community for international fund processing, noted the . The bank will operate under a commercial banking licence in Luxembourg, and is regulated under Mifid (Markets in Financial Instruments Directive).

“It is at the heart of Clearstream’s mission to support the wealth management and banking community with best-in-class execution services, efficient distribution management, state-of-the-art technology and data solutions,” said Philippe Seyll, CEO of Clearstream Fund Centre. “The creation of Clearstream Fund Centre S.A. is a strong testimonial to our client dedication as well as to Luxembourg as our home and important financial centre.”

The new bank will serve Clearstream’s fund execution business Vestima, providing access to more than 230,000 funds in over 50 markets, and will be closely linked with Clearstream’s other businesses in order to leverage “cross-divisional synergies” for clients, said the press release.

Clearstream Fund Services, which is a segment of Clearstream, has three main business lines: Vestima (fund processing), Fund Centre (fund distribution) and Kneip (fund data management). Clearstream is part of Deutsche Börse Group.