Monyx Financial Group, the Stockholm headquartered subsidiary of NewCap Holding, the Danish company listed on Nasdaq OMX Copenhagen, has increased its share of Nordic Broker Association/Hjerta to 51% by acquiring the 5% share held by Provins.
Monyx said the deal would increase its ability to develop services for the Swedish market, in the area of independent brokerage and intermediation. Currently the business counts some 200,000 customers, who are offered services including asset management, access to pensions and unit linked solutions, and insurance solutions. The business claims assets of SEK30bn (€3.2bn) under management.
Johan Wagman, chief executive at Monyx, said that the acquisition was a natural step to take in order to create a stronger player in the Swedish market.
“Amid the changes occurring in the market, not least the regulatory changes, there is a requirement for stability and economic opportunities,” he said.
Parent company NewCap is focused on three business areas: Private Financial Services, Broker Services, and Asset Management.
With Asset Management, the company offers management of PPM mandates, including both internal and external funds and discretionary mandates. PPM is the Swedish platform operated by the Pensions Agency, which offers long term savers access to self selection of funds.