Candriam is set to move its asset servicing activities, including custody, fund administration and transfer agency, for its Luxembourg and French funds from RBC I&TS to CACEIS.
According to Candriam, this new partnership with CACEIS is set to enable Candriam to “broaden” its asset management offer, especially in terms of environmental, social and governance.
Additionally, it is set to enable Candriam to continue its international expansion and contribute to the digital transformation of the industry and remain focused on clients’ needs.
The migration is expected to start at the end of March this year, following approval by competent regulatory authorities.
Meanwhile, CACEIS explained that it will take place in three stages and will be completed in October 2020.
Pierre Ernst, COO of Candriam, said: “Due to the increased complexity of the market, asset managers need strategic partnerships throughout the value chain. After many years of very professional cooperation with RBC, we decided to turn to CACEIS.”
“CACEIS really impressed us with their service offer, their digital investments, their knowledge of our institutional clients and their needs, and finally their growth dynamics. This is a strategic decision for Candriam and we will implement it with the greatest care for our clients.”
Joe Saliba, deputy CEO of CACEIS, commented: “We are delighted to strengthen our strategic partnership with Candriam and support their international business development objectives by providing a broad range of services.”
Saliba added: “We are convinced that Candriam and their clients will benefit from our services, which will enable them to enhance the scale and increase the efficiency of their business. CACEIS will draw on its in-depth migration experience to ensure a smooth transition and uninterrupted services during the migration period.”
It was also noted that the migration will have no effect on investment policies or teams, and client portfolios will continue to be managed by the same portfolio managers and according to the same investment policies.
