German asset manager KGAL Group has outsourced fund accounting for 16 closed-end special funds representing €3.6 billion in assets to CACEIS Fonds Service GmbH.
The mandate will include net asset value (NAV) calculation, financial balancing, regulatory reporting, and production of quarterly and annual financial statements.
The deal is an extension of CACEIS’s depositary services mandate with KGAL which was struck in 2014 for eight closed-end funds representing €1 billion in assets.
“We very much appreciate the long-standing and successful partnership with CACEIS as our depositary. Now, we will take it one step further using CACEIS` fund administration platform that offers a wide range of services,” said Thomas Schroer, chief financial officer, CACEIS.
According to Andreas Pade, managing director of CACEIS Fonds Service, the mandate will also include the transfer of KGAL’ fund accounting staff to the asset servicer.
KGAL is one of Germany’s leading alternatives asset managers, specialising in real estate, infrastructure and aviation funds.