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Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) has announced that it will be moving the majority of its fund portfolio to Euroclear FundsPlace, as part of its efforts to streamline its fund business.

The Luxembourg bank has decided to move away from transfer agents and centralise the distribution and execution services of its funds. Euroclear’s funds platform will manage the lion’s share of Spuerkeess’ portfolio from now on and collect trailer fees on external custodians as well.

“We are delighted to see Spuerkeess’ decision to intensify its collaboration with Euroclear. This move is a testament to our proximity with our clients 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 optimisation. We are pleased to reinforce our collaborations in Luxembourg.” – Valérie Urbain, Chief Business Officer at Euroclear.

“We are very pleased to have selected Euroclear FundsPlace and to expand our already existing relationship with Euroclear to the fund assets. The fully integrated model from subscription, execution, settlement, custody and trailer fee collection allows Spuerkeess to reduce its costs and operational risks and ultimately to offer an even better service to its retail and institutional clients.” – Aly Kohll, Deputy CEO and Member of the Executive Committee at Spuerkeess.

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