Luxembourg-based savings bank Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) is set to move most of its funds portfolio to Euroclear’s funds platform FundsPlace.
According to Spuerkeess, the move is part of a strategy to streamline its fund business.
By choosing to use the FundsPlace platform, the state-owned bank will be moving away from using numerous transfer agents in favour of a centralised platform for subscription, distribution and trade execution.
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Euroclear will also collect trailer fees on external custodians via the platform.
The move also represents an extension of the existing relationship between the Brussels-based post-trade provider and the Luxembourg-based bank with Euroclear acting as the central securities depositary for its banking business.
According to Aly Kohll, deputy chief executive and executive committee member at Spuerkeess, the use of FundsPlace will enable the bank to “reduce its costs and operational risks and ultimately offer an even better service to its retail and institutional clients”.
Spuerkeess is a wholly state-owned institution, founded in 1856, and one of its missions is to promote savings among the Luxembourg population. It is currently the third-largest bank in Luxembourg with around €48 billion in assets as of 2019.
