German listed IVG Institutional Funds has selected Caceis as depositary for the majority of its open-ended real estate funds.
By the end of February 2015, IVG IF will transfer a €6.3 billion portfolio from former depositary Sal Oppenheim to Caceis.
The decision to appoint CACEIS was the result of a transparent tender process conducted by IVG IF.
“We have made an informed decision in selecting Caceis. The decisive factor was a combination of Caceis belonging to a solid banking group, the company’s broad expertise in real estate special funds, and its well-proven expertise in performing large fund migrations”, said Irmgard Linker, managing director and chief financial officer of IVG IF.
Sal. Oppenheim announced in May 2014 the transfer of its depositary function for real assets to Caceis, subject to the approval of clients.
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