Fast-growing fund administrator poaches Citi’s investor services head in Luxembourg.
It is the first major mandate for the new Luxembourg-based division of Apex after it completed the integration of the Warburg business in February.
Clearstream expects the closure of the business will take place over a 18-month period.
The 29 transfer agents from Ireland and Luxembourg that participated in the survey processed a combined total volume of orders of 39 million last year.
The deal will see MFEX manage all post-trade services related to funds, currently operated by Societe Generale Luxembourg.
Global custodians and fund administrators have bolstered their teams in Ireland and Luxembourg in anticipation of these new flows.
Steven Caluwaerts joins from Citi where he was most recently European head of transfer agency product.
Robert van Kerkhoff has assumed responsibility for driving the bank's growth across the Luxembourg, Netherlands and Nordics markets.
The custodian selected Luxembourg as its post-Brexit destination in 2017, creating an EU-banking license as it looked to continue serving continental European funds.
The MoU is the latest agreement for the Hong Kong market as it looks to become a leading cross-border fund hub for international investors.