CACEIS Fonds Service GmbH took over the fund accounting for 16 closed-end special funds from KGAL Group (KGAL). The funds represent €3.6bn in assets under administration.
Both parties have also completed the transfer of the associated team from KGAL, based in Gruenwald near Munich, to CACEIS in Munich. Starting in the second quarter of 2020, CACEIS provides the following services: bookkeeping including the calculation of net asset values (NAVs), financial balancing, regulatory reporting as well as production of quarterly and annual financial statements. Since 2014, CACEIS has been KGAL's preferred provider of depositary services.
Thomas Schröer, Chief Financial Officer of KGAL, explains: "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."
"We are delighted that KGAL has shown this trust in CACEIS," says Andreas Pade, Managing Director of CACEIS Fonds Service. "Our objective was a secure and smooth technical migration - we have fully achieved this. At the same time, we started to make every effort to properly integrate our new colleagues when they move to CACEIS. We can offer them a versatile working environment with extensive career development prospects."