CACEIS, an asset servicing banking group of Credit Agricole and HSBC France have signed a definitive agreement for the sale of the fund depositary and custodial activities of HSBC France and the fund administration activities of its subsidiary, HSS France, to CACEIS.
According to the CACEIS, the deal involves E39 billion in assets under custody for 390 portfolios, and E56 billion in assets under administration for 20 asset management companies and 700 funds. The 109 employees concerned by the agreement will be offered the possibility of joining CACEIS.
CACEIS has said that following the deal, all funds of HSBC France’s asset management companies will benefit from the services of the CACEIS group. The deal also incorporates an agreement, which makes the subcustody services of HSBC available in a number of countries in Asia.
Francois Marion, CEO of CACEIS, said: “This acquisition fits in with our growth strategy. With an additional 5% market share in France, CACEIS is strengthening its leading position in the asset servicing business. It will enable HSBC France’s asset management companies and third party asset management companies handled by HSS to benefit from CACEIS’s extensive, high-quality service offer.”
However, the completion of the deal is scheduled for the end of 2009, subject to regulatory and corporate approvals.
