Caceis, the French custody bank and asset servicer, has extended its business in Italy for Ucits and alternative investment funds with its appointment as paying agent by Cariparma Crédit Agricole Group.
Caceis says the appointment means it will be able to extend its asset service offering to Ucits and alternatives in Italy, alongside its custodian and depositary bank offering.
The appointment concerns investment flows from around 20 foreign asset management companies distributing their products through branches of Cariparma Crédit Agricole Group. Transactions – which are all for foreign Sicavs – will total around 100,000 per year.
A paying agent is involved in making payments and transfers of subscribers’ instructions and acting as a tax withholding agent, among other services.
Giorgio Solcia, managing director of Caceis in Italy, says: “This agreement allows us to become a significant player in a high-growth market segment and to offer our global expertise and technological infrastructure to foreign Sicavs that distribute their products in Italy”.
©2015 funds europe
