But RBC Plays A Part CMI Asset Management (CMIAM) has outsourced fund accounting, administration and transfer agency services for 7 billion of SICAV funds to Dexia-BIL.
Now in the final stages of negotiation, the agreement will also include the transfer of the existing administration team at CMI Asset Management to Dexia-BIL later this year
RBC Global Services will undertake the role of Services Provision Manager to CMIAM. In this intermediary role, RBC will oversee and assist in the daily management of the service provision.
“The decision to outsource these services is part of the strategic evolution of our business that will enable us to achieve our growth plans and concentrate on core activities,” says Simon Friend, general manager of CMI Asset Management. “We chose Dexia-BIL due to the depth of their pan European distribution infrastructure and experience, the quality of their systems and their commitment to customer service. Furthermore, we plan to fully utilise Dexia’s extensive product development capability. The appointment of RBC compliments the existing securities lending and cash services relationship with CMI Asset Management today.”
“CMIAM’s decision to appoint Dexia-BIL recognizes our commitment to provide tailor-made solutions for our clients,” adds Michel Malpas, Member of the Board and Head of Dexia Fund Services. “Besides central administration services, DFS is sharing its knowledge of the funds’ industry with CMIAM in a true partnership approach.”
Jose Placido, executive vice-president, RBC Global Services says that RBC is proud to play a role with both CMIAM and Dexia-BIL and looks forward to aiding both organizations in achieving their business objectives.