The FINANCIAL — Crédit Agricole Vita has selected CACEIS as the custodian for its unit-linked life insurance contracts marketed in Italy.
The asset transfer has already begun and will involve total assets under management of around EUR 1 billion, according to Crédit Agricole.
CACEIS, a global leader in asset custody, will provide account-keeping services for the unit-linked contracts’ cash and securities, will settle purchase and sale transactions, collect interest and dividends and manage corporate actions. CACEIS will also execute subscription and redemption orders for foreign fund units on behalf of Crédit Agricole Vita.
Custody is part of the asset servicing range offered by CACEIS’ Italian branch, which also features paying agent and depositary services for UCITS and alternative funds.
Giorgio Solcia, Managing Director of CACEIS in Italy, said: “Our clients benefit from the international expertise of our Group in the settlement-delivery of securities and the execution of fund unit subscriptions/redemptions. Crédit Agricole Vita is growing rapidly and the granting of this mandate strengthens our position as a global custodian for institutional clients as well as consolidating our presence on the Italian market.”