Clearstream’s Vestima wins Belgian mandate 19 August 2016Brussels Reporter: Stephanie Palmer
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Belgian Bank Degroof Petercam has selected Clearstream as its strategic partner for fund processing activities.
The bank will use Clearstream’s Vestima investment funds processing infrastructure solution to streamline and consolidate its third-party processing activities.
According to Clearstream, the mandate was partly based on the fact that Vestima can process various different types of funds on a single platform. Also, Vestima’s transaction model is based on a delivery-versus-payment settlement system intended to improve operational efficiency and reduce risk.
The infrastructure is designed to improve efficiency and transparency in investment funds processing, to help clients to comply with changing regulations and rules around risk mitigation.
Pascal Nyckees, COO at Bank Degroof Petercam, said: “Clearstream’s long-term and high-quality commitment to the investment fund industry was a key driver to become users of Vestima. We expect our clients to benefit from increased efficiency thanks to the automated processing of our entire fund portfolio.”
Philippe Seyll, co-CEO and head of investment fund services at Clearstream, said: “We are delighted that Bank Degroof Petercam has chosen Vestima for the processing of fund assets. Vestima will provide the entire Degroof Petercam group with streamlined services across all fund types from a single platform in a one-stop shop solution.”
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