Petercam has selected CACEIS as the asset servicing provider for the major part of its Luxembourg Sicav range.
CACEIS's full-service proposal covers all of Petercam's ongoing support requirements including custody and depository banking, fund administration and transfer agency.
The mandate was awarded to CACEIS on the basis that the firm can support Petercam in implementing its institutional development strategy aimed at increasing its proximity to institutional clients by setting up local branches across continental Europe.
Hugo Lasat, partner and member of the management board of Petercam, said: “Following a thorough analysis of all the proposals received, we selected CACEIS’s offer which included all the key added-value services required to support our investment management capabilities in today's rapidly-changing financial environment.”
Joe Saliba, CACEIS deputy CEO, said: “Our teams made every effort to design the most attractive proposal for Petercam's business, and following their decision to award us the mandate, all our efforts were focused on ensuring a smooth migration by the agreed deadline. We are confident in our ability to support Petercam's international development plans and look forward to working with our new partner over the coming years.”
Petercam’s Belgian division recently came under fire from bond fund investors, as Luxembourg regulator Commission de Surveillance du Secteur Financier admitted that Petercam’s L Bonds Eur Inflation-linked fund (formerly known as Eur Medium) broke Luxembourg’s fund laws.
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