First European Transfer Agent (FETA), a 100%-owned subsidiary of Dexia Banque Internationale Luxembourg (Dexia BIL), now owns nearly a 50% market share of transfer agency activities, making it the Luxembourg market leader, a spokesman for the company said.
With the development of financial markets in the early nineties, Dexia BIL decided to launch the FETA project and to create a service wholly devoted to transfer agent activity, Dexia BIL said.
After overcoming initial obstacles, FETA quickly developed a predominant position as transfer agent and registrar service provider on behalf of third-party fund promoters and distributors, a company spokesman said.
Over the past ten years, the company has continued its efforts to diversify its basic activity focusing on development of a full range of services to permit responding effectively to the needs of fund promoters, distributors, and investors.
Dexia BIL, via Dexia Fund Services, is a leading player in Europe and Asia in the fields of global custody and administration of investment funds, pension funds and managed accounts. Its FETA subsidiary offers transfer agent and support services to a wide array of mutual fund promoters and distributors of FCP investment trusts.
As of 31 March, DFS managed 3.1 million accounts and administered over EUR 309 billion in assets. In transfer agent activity, it processed over 5.3 million orders in 2003 with volume expected to increase to about 6.4 million transactions this year, the company said.