Luxembourg state-owned bank Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) has announced that it will move most of its funds portfolio to Euroclear FundsPlace. According to a press release, the move is a part of Spuerkeess’ efforts to streamline its funds business.
The collaboration will see the Luxembourg bank cease its dependence on numerous transfer agents to centralise the distribution and execution of its funds with FundsPlace. Euroclear will also collect trailer fees on external custodians.
Aly Kohll, deputy CEO and a member of the executive committee at Spuerkeess revealed in a statement that FundsPlace’s fully integrated model, which covers subscription, execution, settlement, custody and trailer fee collection, is expected to help Spuerkeess reduce its costs and operational risks.
