(CS) Danish investment firm BankInvest is closing its subsidiary BISA SA in Luxembourg, moving its activities to the firm's Copenhagen offices, the company announced on Thursday.
The asset manager launched BISA SA in Luxembourg as its global distributor in 2007. Six employees are affected by the closure of the subsidiary in the Grand Duchy, with a further three employees already let go in May.
The Luxembourg office, which had seen several changes in management over the years, was responsible for the distribution of investment products outside of Denmark. However, the BankInvest Group is now planning to run activities from its HQ in Copenhagen for better synergy and cost efficiency, a statement read.
BankInvest specialises in emerging markets and socially responsible investments, currently managing an asset volume of around 11 billion euros for private and institutional investors in Denmark and around the world.
The group was founded in 1969 and it owned by 41 Danish banks.