CACEIS in Germany has been selected by Luxembourg-based fund manager Axxion to provide depositary services and cross-asset market allocations.
The mandate is an extension of Axxion’s existing relationship with the asset servicer by transferring nine of its open-ended special alternative investment funds (AIFs) to CACEIS in Germany.
CACEIS will provide depository and custody services as well as FX trading, fund execution, and clearing for Axxion’s exchange traded derivatives; the total volume equates to some €1 billion in assets.
Starting in August 2020, the migration was executed in three waves to ensure a smooth and controlled onboarding of the funds.
“We were looking for an additional strong partner with whom we can implement projects where, on top of individual service, there is also a wide range of product offerings and capabilities. With CACEIS, we have now found this partner for our cross-border activities in Germany and look forward to a good cooperation,” said Martin Genannt, head of business development, Axxion.
Axxion is specialised in setting-up and managing private label funds and is a long-term client of CACEIS in Luxembourg.
The fund manager stated it had selected CACEIS in Germany because of its strong cross-border connections, the wide range of products and services on offer, as well as its extensive knowledge of the international market.
“Axxion has extensive know-how and a strong network in the market”, added Robert Pietzka, head of relationship management, responsible for asset managers and asset owners in Germany, CACEIS.
“As a leading service provider, CACEIS is proud to be working now with Axxion also in Germany and to provide ongoing support for their business development objectives.”