CACEIS migrates Spanish asset management businesses during lockdown
CACEIS, the asset servicing banking group of Crédit Agricole and Santander, has migrated Popular Asset Management and Popular Pensiones business, while all staff worked from home.
On 16 April, Popular Asset Management and Popular Pensiones, two companies merging with Santander Asset Management and Santander Pensiones, switched to CACEIS as their depositary bank in Spain.
Since January, staff from Popular Asset Management, Popular Pensiones, and CACEIS have all worked closely to prepare the migration. During the lockdown period, with all staff working from home, 107 funds were migrated to CACEIS in Spain, (59 investment funds and 48 pension funds) accounting for some EUR9.4 billion in assets.
This was made possible due to the close cooperation between staff from all companies involved.
CACEIS has therefore further consolidated its position, with a share of the Spanish market now in excess of 20 per cent, and a solid ranking as one of the leading depositaries in Spain.
During the current lockdown period, CACEIS continues to demonstrate its unwavering commitment to supporting clients’ development plans and reorganisation strategies.