KGAL Group, an independent investment and asset manager, has outsourced its fund administration to CACEIS, the asset servicing banking group of Crédit Agricole and Santander.
As part of the deal, CACEIS Fonds Service has taken over the fund accounting for 16 closed-end special funds from KGAL.
The funds represent €3.6 billion in assets under administration. Both parties have also completed the transfer of the associated team from KGAL, based in Gruenwald near Munich, to CACEIS in Munich.
Starting in Q2 2020, CACEIS will provide bookkeeping including the calculation of net asset values (NAVs), financial balancing, regulatory reporting as well as the production of quarterly and annual financial statements.
Since 2014, CACEIS noted that it has been KGAL's preferred provider of depositary services.
Thomas Schröer, chief financial officer of KGAL, explained: "We very much appreciate the long-standing and successful partnership with CACEIS as our depositary. Now, we will take it one step further using CACEIS` fund administration platform that offers a wide range of services."
Andreas Pade, managing director of CACEIS Fonds Service, said: "We are delighted that KGAL has shown this trust in CACEIS. Our objective was a secure and smooth technical migration — we have fully achieved this. At the same time, we started to make every effort to properly integrate our new colleagues when they move to CACEIS. We can offer them a versatile working environment with extensive career development prospects."
