Thélem trims custody counterparties 23 March 2017Paris Reporter: Mark Dugdale
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Mutual insurance company Thélem Assurances has tasked CACEIS with providing custody services for its assets.
The mandate also includes Solvency II-compliant securities accounting, look-through reporting and data processing services.
Thélem Assurances awarded the mandate to CACEIS after deciding to simplify its custodian relationships, according to CFO Benoit Jullien.
Jullien said: ”Until now, our assets have been held in several custodians. Centralising them with a single one, and thus within one information system, will simplify our processes.”
“At the same time, we have sought to delegate the securities accounting activity in order to focus resources on projects with greater potential for added value. CACEIS’s servicing expertise was also a key factor in our decision.”
Philippe Bigeard, who is in charge of institutional clients at CACEIS in France, added: “Going forward, they will benefit from the knowledge of our Solvency II solutions designed for institutional investors, a resource already used by many players including insurance and mutual companies alike.”
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