Crédit Agricole and Santander’s asset servicing business, Caceis, has offered a preliminary deal to acquire the European asset servicing activities of RBC Investor Services, including its fund administration offering.
RBC Investor Services has approximately €1.2 trillion in assets under custody across Europe. Combined, the entities would represent approximately €4.8 trillion in assets under custody and €3.5 trillion in assets under administration.
The deal is expected to include RBC IS’s custody, global custody FX, fund administration, transfer agency, middle office and securities lending services.
Final agreements are subject to consultation with Caceis employee groups and certain closing conditions, including approvals by regulators. The deal is expected to complete by the end of the third quarter of next year.
Jean-François Abadie, CEO of Caceis, said: “We are enhancing our leadership across a range of services, increasing our position in a number of key markets, growing relationships with global asset managers, and increasing our capabilities and scale.
“Additionally, the staff from RBC Investor Services will bring their expert knowledge of the servicing needs of international investor clients and distribution services.”
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