CACEIS has been selected by Sal. Oppenheim to handle its physical asset depository activities in Germany. The migration volume amounts to some €12 billion in physical assets.
Sal. Oppenheim and CACEIS are working closely together to ensure all concerned funds will be migrated to CACEIS by the end of 2014, subject to the approval of clients and institutional end-investors.
Holger Sepp, co-head of CACEIS Germany, stated: "We are delighted to take on the depositary services previously carried out by Sal. Oppenheim. This decision highlights CACEIS’s increasingly sophisticated approach to depository services provision for physical assets.”
“It also serves to strengthen our leading position and enhance our business reputation as the premier third-party physical asset depositary in Germany.”
“CACEIS services 16 real estate investment companies in Germany accounting for some €16 billion in assets as well as 28 initiators of closed-ended funds investing in real estate, private equity, renewables, aviation and shipping containers.”
Wolfgang Leoni, chairman of the board of Sal. Oppenheim, said: “The primary objective of our in-depth request for proposal process was to select a solid partner with outstanding expertise in providing depository services to physical assets, and one that demonstrated a close strategic fit with the structure and requirements of our clients."
“In the wake of the realignment of Sal. Oppenheim and our strategic initiative to focus resources on our core business strengths such as asset management for private and institutional clients, entrusting the depository activities to CACEIS is a logical step.”
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