Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) will move the majority of its fund portfolio to Euroclear FundsPlace, expanding the relationship between the organisations.
This will help to improve streamlining in the business, Euroclear says, centralising the distribution and execution of funds. The firm will collect trailer fees on external custodians following the mandate.
FundsPlace provides an end-to-end solution across asset classes, aiming to eliminate post-trade complexity and to service and distribute private funds at scale.
Valérie Urbain, chief business officer at Euroclear Group, says: “This move is a testament to our proximity with our clients to provide them with the best possible service and value.
“FundsPlace enables them to achieve greater scalability, risk reduction, asset protection and revenue optimisation..”
Aly Kohll, deputy CEO and a member of the executive committee at Spuerkeess, comments: “The fully integrated model from subscription, execution, settlement, custody and trailer fee collection allows Spuerkeess to reduce its costs and operational risks and ultimately to offer an even better service to its retail and institutional clients.”
