KGAL, a real assets fund manager, is to transfer some internal employees to asset servicer Caceis as part of a fund administration outsourcing agreement.
KGAL has outsourced fund administration for 16 closed-end special funds to Caceis which have €3.6 billion in assets under administration.
The affected employees are based in Munich.
Andreas Pade, managing director of Caceis Fonds Service, said: “Our objective was a secure and smooth technical migration – we have fully achieved this.”
He added that the firm is making “every effort” to integrate the KGAL team when they move to Caceis’ Munich office.
The new mandate covers regulatory reporting, among other activities, and since 2014 Caceis has been providing KGAL with depositary services.
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