The Bil sells a business unit with 26 employees
Waystone, a provider of special services for the global asset management industry, takes over from Banque Internationale à Luxembourg (Bil) the Bil Manage Invest unit. Both companies announce this in a press release. Bil Manage Invest provides management services for investment funds, including structuring, portfolio management, risk management and due diligence. In 2023, the Bil subsidiary showed a net profit of 1.8 million euros.
By taking over the administrative company, Waystone will increase its managed assets in Luxembourg by around 15 percent. « Bil Manage Invest has acquired a good reputation in the fund industry for their expertise and customer -oriented approach, » the statement said. « As a well -established manco in Luxembourg, she is highly regarded in continental Europe and will bring Waystone a wealth of specialist knowledge and a long -term customer base. »
As part of this acquisition, Waystone takes over 26 employees of the Bil. « This integration strengthens our presence in Luxembourg, creates exciting opportunities for our employees and further differentiates us as a leading provider of manco services in the region, » explains Sanjiv Sawney, CEO of the Waystone group. The Banque International à Luxembourg (BIL), founded in 1856, is the oldest universal bank in the Grand Duchy and has more than 1,900 employees in Luxembourg, Switzerland and China. The takeover is still subject to the official approval.
