Interview with Thies CLEMENZ, Managing Director of CACEIS in Germany
What role does the German branch play in the CACEIS Group?
The branch in Germany is a key pillar of the CACEIS Group. Germany represents one of the strongest European economies and one of the largest fund markets for the group. CACEIS has been actively supporting clients in Germany for over ten years, and our clients here have access to CACEIS’ full range of products and services for all asset types.
Why is Germany such an important market for CACEIS?
Obviously, Germany itself has a very large economy and offers CACEIS great potential for growth. However, it is not just the size of the funds market that makes Germany such a key development priority for us. Having a presence in the German market enables the Group to offer all CACEIS clients wider coverage of the entire European market. Offering the same range of services throughout Europe enables clients to market their funds across many markets, with the added benefit that services are adapted to conform to each individual country’s regulatory and cultural specificities.
However, our German office does have a number of factors that set it apart. We are the German market leader in cash-equity clearing services for broker-dealer clients and securities trading banks. Germany has now become the group’s centre of excellence for this, servicing both German market clients and international clients from throughout the CACEIS network.
Another strong point is trustee services for real estate funds, which we have seen expand rapidly in recent years, making us one of the top three real estate fund trustees in Germany.
Where does CACEIS rank in the German funds market?
CACEIS ranks among the top 10 trustees in Germany, and as already mentioned, we rank third in terms of real asset funds. CACEIS is clearly a complete asset servicing player, providing a one-stop-shop for its clients. We offer the group’s full range of custody and fund administration services in addition to the trustee function, no matter the asset type. Unlike some asset servicing providers, our products are designed to incorporate a high level of flexibility which enables us to tailor services to each client’s individual needs. Our client relationship management is also carried out directly from Germany which, from experience, we know our clients greatly appreciate as it fosters close business relationships and an in-depth understanding of their business.
Can you tell us about the teams at CACEIS in Germany?
CACEIS in Germany has two offices - one in Frankfurt and another in Munich. The Munich office accounts for the greatest number of staff, but the Frankfurt office is rapidly growing in size. From these two offices, our 450 experienced employees provide high quality servicing to clients operating in the German fund industry. We ensure all our employees benefit from continuous professional development courses to ensure they are able to offer optimal day-to-day servicing in terms of regulatory developments, business practices, language courses and industry trends. This programme helps create well-informed employees who understand business needs.
However, we also have a high number of specialists with expertise in areas as diverse as regulatory reporting to real assets. Client focus is central to our staff philosophy and the reason why we spend so much time and resources on ensuring our staff are well trained and informed - we therefore have low levels of staff turnover and have a good proportion of employees who have been with the group for many years.
What are CACEIS Germany’s strategic goals and how do you aim to achieve them?
Our principal goal is to contribute to the growth and sustainability targets of the CACEIS Group by providing strong client support and constantly improving and broadening our buy-side service range - from trustee services to custody and fund administration – for securities clients. In addition, we intend to consolidate our leading position in the growing real asset funds industry by further developing the trustee function, but also by offering our middle office outsourcing services via our successful fund administration business. On the sell side, we are actively working on bringing on new domestic clients, and are seeking to attract an increasing number of international clients. Finally, by leveraging our range of reliable products and services together with our excellent client servicing, we aim to increase market awareness of the CACEIS brand and broaden our reputation as major asset servicing player in the German market.