CACEIS has been chosen to act as paying agent for the Italian Cariparma Crédit Agricole Group.
The mandate includes investment flows from 20 foreign asset management companies distributing products through branches of the group. This amounts to approximately 100,000 transactions per year.
As the paying agent, CACEIS in Italy will extend its asset servicing offerings to UCITS and alternative investment funds, as well as its custody and depository bank services.
The agent is specifically angled towards Société d'Investissement à Capital Variables (SICAVs) – or open-ended investment funds. It will make payments and transfer subscribers’ instructions, and prepare transaction confirmations, as well as acting as an agent for withholding tax and holding a register of subscribers and positions.
For SICAVs, it will also send all distributors a summery activity report.
Giorgio Solcia, managing director of CACEIS in Italy, said: “This agreement allows us to become a significant player in a high-growth market segment and to offer our global expertise and technological infrastructure to foreign SICAVs that distribute their products in Italy.”
