MEX Asset Management: MultiBank Group Acquires German Niche Operator
2018-01-01 | Milestones
As reported by Private Banking Magazin
Fortinbras Asset Management has been rebranded as MEX Asset Management GmbH
(MEXAM) after being acquired by online financial derivatives provider MultiBank Group. MultiBank can now offer
asset management services for private bankers as well as institutional investors out of Frankfurt.
MultiBank Group– one of the largest online financial derivatives providers
worldwide – has bought out German niche provider Fortinbras Asset Management. Since its acquisition in the fall
of 2017 the Eschborn based firm operates under the brand name MEX Asset Management (MEXAM).
MEXAM is currently looking for a new office location in Frankfurt where they
can expand their global asset management business. At the outset, MultiBank had envisioned the UK to be the seat
of its asset management business, but changed its mind in favor of Germany after the Brexit-referendum.
The predecessor company Fortinbras Asset Management was founded in 2004 as a
specialist boutique to structure, manage and distribute FX-related strategies. The business license according to
paragraph 32 German KWG law granted by BaFin financial authority, including among other activities approvals for
financial portfolio management as well as proprietary dealing, was grandfathered with the acquisition by MEXAM.
In the course of the takeover, former Managing Director Jochen Renz left the company at the end of October 2017.
Kennedy stayed on as sole Managing Director. Previously, Fortinbras had
developed and managed systematic trading strategies for institutional investors in the past 15 years, marketing
them primarily in partnerships with global investment banks. A grand total of US$3 billion worth of structured
products for such strategies have thus been provided to customers.
Data mining FX transaction flows has allowed Kennedy and his team to detect
where the market is going and apply this to FX trading strategies. Depending on the analysis, they will either
go with the trend or take contrarian positions. In effect, the MultiBank Systematic FX strategy has produced an
annual return of 21% p.a. at a volatility of 6.8% since inception in 2013, according to Kennedy.