European Fund Administration (EFA) announced today that life assurer Foyer International had chosen the Luxembourg-based fund administrator and transfer agent as valuation and accounting agent for the unit-linked funds which underpin its life assurance contracts. EFA will also supply value added services – including reporting to the Commissariat Aux Assurances (CAA) and compliance controls.
“By working with EFA we ensure that we fulfill our regulatory duties concerning compliance and reporting in the most efficient manner possible, leaving us free to concentrate on our core activity of designing innovative products,” says Franois Tesch, Chairman of the Board of Directors at Foyer International.
Claude Hoffmann, Commercial Director at EFA added that “important synergies exist between the services already developed for servicing classic investment funds and those required for servicing unit-linked life insurance products. For EFA, it is an opportunity to share with Foyer International the economies of scale arising from the volumes we currently handle”.
Foyer International is a wholly owned subsidiary of the Le Foyer Group, which was founded in 1922. In July 2000, Le Foyer Group became the first Luxembourg insurance group to open its capital to the public when it floated on the Luxembourg stock exchange. The liberalisation of insurance markets in Europe has enabled it to build a cross border business, and it is now looking to break into private wealth management.