Asset Servicing

EFA, the asset services unit of Frankfurt-based management company Universal Investment, on Tuesday said it has strengthened its presence in the Nordic countries by appointing Pia Kumlin as country head. Kumlin joins from Swedbank and will be based in Stockholm.

Institutional investors every year miss out millions of euros because they do not recover  withholding tax paid abroad. The reason: suboptimal communication and cooperation between institutional investors and a “custodian” that does not or not always fully perform the service formally assumed.

Teodora Croitoru has joined Crestbridge as head of compliance, fund services, while Emmanuelle Poret has taken on the role of head of client onboarding, fund services & ManCo.

Some 21 new Reserved Alternative Investment Funds, or Raifs, were registered at the Luxembourg Business Register during January, according to information made public at the end of the month.

The following funds have been registered:

Jersey-headquartered funds services and solutions provider Ocorian has appointed Peter Corry as head of global funds in Luxembourg as it continues to strategically grow and enhance its service to international fund managers.

Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.

Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.

Swissquote Bank Europe has become the first Luxembourg bank to be able to offer depositary services to digital asset investment funds, having obtained CSSF regulatory approval to act as a depositary bank for Luxembourg-domiciled funds along with its status as Vasp, or regulated Virtual ASset Provider.

European Depositary Bank, part of the Apex group, has appointed managing directors Jean-François Thils, and Robert Steele (photo) as members of the executive management board.

David Rhydderch steps down from the EDB board and has been appointed as global head of financial products and managing director, Emea for the wider Apex Group.

Dublin-based international management company Waystone, a major actor also in the Luxembourg market, has added fund administration to its range of offerings now that its acquisition of Centaur Financial Services, also Dublin-based, has obtained regulatory approval and been completed.

Global financial services provider Apex Group is taking over Alfi Partners, a Luxembourg-based third-party fund marketing specialist, the firm announced today. Alfi Partners will become part of Apex FundRock, the largest third-party manager of investment funds in Luxembourg. Financial details were not disclosed.