IMI Bank Luxembourg, a fully owned subsidiary of Banca IMI Milan – Italy, a member of the SanPaolo IMI Group, announced today that it had selected European Fund Administration S.A. (EFA) to provide a comprehensive outsourcing solution for its Luxembourg fund range.
Carlo Alberto Montagna, Managing Director of IMI Bank (Lux), believes that this move will enable IMI Bank (Lux) to focus on its core activities of Treasury, Custody and Distribution. He explains: “Thanks to our agreement with EFA we will be able to deliver a more flexible and cost effective service to our third party clients.”
EFA will support the administration of 1 FCP and 1 SICAV which are currently administered by IMI Bank’s Luxembourg based banking arm. Acting as a middle office service provider, EFA will provide fund accounting and Net Asset Value calculation services.
According to Claude Hoffmann, Commercial Director at EFA, “this deal proves the interest of the `EFA inside’ model as IMI retains ownership of the product manufacturing while sub contracting fund accounting to EFA”.