CACEIS has completed the first of three fund migration waves for asset management company Candriam.
The migration, which took place during COVID-19 lockdown, involved 26 Luxembourg law sub-funds accounting for €10 billion in assets.
The operation used various services from CACEIS including, depositary, custody, fund administration, transfer agency, fund distribution, securities lending and share class hedging.
Overall, in excess of €40 billion in assets will be entrusted to CACEIS.
Joe Saliba, deputy CEO of CACEIS, explained that the COVID-19 pandemic lockdown has “proven to be a real-world stress test on our migration planning and IT environment, which I am pleased to say CACEIS has passed”.
Saliba added: “Our migration track record remains strong thanks to our extensive planning and the foresight of equipping staff for telework in 2019. Finally, I would like to thank Candriam’s staff for their professionalism and support throughout the migration process as well as Candriam’s senior management for the trust they have placed in the CACEIS group.”
Pierre Ernst, COO of Candriam, said: “In conditions never seen before, the first phase of our fund migration to CACEIS is a real feat for which I would like to congratulate the teams.”
