Waystone has announced the successful closing of its acquisition of BIL Manage Invest from Banque Internationale a Luxembourg (BIL) Group, following regulatory non-objection from the Commission de Surveillance du Secteur Financier (CSSF).
Bil Manage Invest, a Luxembourg-based Management Company within the BIL Group, will now be integrated into Waystone. The acquisition is set to increase AUM in Waystone’s Luxembourg Management Company by approximately 15 per cent and, the firm writes, significantly enhance its market position and capabilities across Europe.
As part of the integration, the BIL Manage Invest team will join Waystone’s Luxembourg office, bringing a wealth of expertise and a strong client base. BIL Manage Invest will be renamed Waystone Fund Management before being merged into Waystone’s existing Luxembourg Management Company in due course (subject to all necessary regulatory approvals being received).
The acquisition is the latest in a series of strategic moves driving Waystone’s global expansion and marks a major milestone in its growth, reinforcing its long-term objective to be the leading provider of third-party ManCo, alternative administration, and corporate services in Luxembourg.
Sanjiv Sawhney, Group CEO – Waystone, says: “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 – Waystone, Continental Europe, says: “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, BIL Manage Invest, says: “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.”
