Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) has announced that it will transfer the majority of its funds portfolio to Euroclear FundsPlace, as part of its efforts to streamline its business activities.
The Luxembourg bank has decided to move away from transfer agents and concentrate its funds distribution and execution services. Euroclear’s funds platform will manage the lion’s share of the Spuerkeess portfolio from now on and collect trailer fees to external custodians as well.
“We are pleased to see the decision of Spuerkeess to intensify its cooperation with Euroclear. This move is a testament to our closeness with our customers to provide them with the best possible service and value. Our FundsPlace offering enables them to achieve greater scalability, risk reduction, asset protection and revenue optimization. We are pleased to strengthen our partnerships in Luxembourg.” – Valérie Urbain, Chief Business Officer of Euroclear.
“We are very pleased to have chosen Euroclear FundsPlace and to extend our already existing relationship with Euroclear to fund assets. The fully integrated model of subscription, execution, settlement, custody and collection of trailer fees allows Spuerkeess to reduce costs and operational risks and ultimately offer even better services to its retail and institutional customers.” – Aly Kohll, Deputy CEO and member of the Spuerkeess Executive Committee.