Axxion, a Luxembourg-based management company, has transferred nine of its alternative investment funds to asset servicing bank Caceis in Germany.
Caceis will provide depository, custody and fund execution, among other services, for around €1 billion in assets.
Axxion sets up and manages ‘private label’ funds and the migration began in August, being executed in three waves.
The mandate is an extension of an existing relationship with Caceis in Luxembourg and was partly motivated as Axxion looks to strengthen cross-border business from Germany.
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