CACEIS Investor Services has been appointed as depository for the real estate funds of IVG Institutional Funds GmbH (IVG IF), the Frankfurt-based real estate special funds firm.
After a transparent tender process, IVG IF chose to use CACEIS as depository for the majority of its open-ended real estate funds. By the end of February, its €6.3 billion portfolio will be transferred from former depository Sal. Oppenheim.
The move comes after Sal. Oppenheim announced the transfer of its real assets depository function to CACEIS, subject to client approval, in May 2014.
Irmgard Linker, managing director and CFO of IVG IF, said: "We have made an informed decision in selecting CACEIS. The decisive factor was a combination of CACEIS belonging to a solid banking group, the company’s broad expertise in real estate special funds, and its well-proven expertise in performing large fund migrations."
Holger Sepp, a board member of CACEIS Bank Deutschland, said: "We are further encouraged by IVG IF’s decision to engage our services.”
He added: “This will strengthen our role as the leading independent depositary for real estate funds in Germany."
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