20 years after its creation, CACEIS is a global leader in asset servicing. The CEO analyses the group's growth , expansion strategies and future challenges in a constantly evolving industry.
CACEIS is celebrating its 20th anniversary this year. How do you view its development?
First of all, I would like to express my gratitude to the founders of CACEIS, the Crédit Agricole and Caisse d’Epargne groups. They successfully transformed a set of support functions into genuine expertise and offered essential value-added services to buy-side clients. Their vision has made CACEIS a natural consolidator in the European market and a global leader in asset servicing.
We have established ourselves in a market dominated by fewer than ten players, mostly North American. Being part of this elite is a source of pride.
Our expansion accelerated in the late 2010s with the acquisition of Kas Bank in the Netherlands, followed by our merger with Santander in Spain and Latin America, and more recently the acquisition of RBC IS's European operations. Originally present in five European countries, we now operate in seventeen countries across four continents. Our assets under custody have more than tripled, and our assets under administration have increased almost fivefold. Our long-standing business as a custodian, fund administrator, and issuer services provider is now complemented by a wide range of services and dedicated business lines such as Market Solutions, PERES for unlisted funds, and, more recently, Digital Assets.
With more than 7,000 employees worldwide and one of the highest profitability levels in the sector, we have successfully adapted to meet market changes.
What are the main developments you anticipate in the asset servicing sector over the next few years, and how is CACEIS preparing for these changes?
The consolidation of the asset servicing market, marked by mergers and acquisitions, remains a major challenge. It is essential to boost our competitiveness and optimise costs, while enabling us to offer more integrated and innovative services. CACEIS remains on the lookout for strategic acquisitions and new partnerships to continue its expansion and maintain strong appeal.
One of our priorities is the optimisation of our company after 2024, which was dedicated to the migration of former RBC IS clients. This integration, the largest in our history, was completed in record time and its success demonstrates our efficiency in carrying out these complex operations.
CACEIS' development reflects our clients' investment strategies. We are witnessing the rise of hybrid funds, ETFs, and unlisted funds, which are gradually replacing UCITS funds.
Having adapted our infrastructure to prepare for the United States’ transition to T+1, we will be ready for its deployment in Europe in October 2027. Blockchain technology will also undoubtedly play a key role in a transition to T+0.
We are convinced that tokenisation will be a force to modernise the financial industry by offering greater flexibility, speed, and transparency. We are supporting our clients as they take their first steps with this transformative technology.
Artificial intelligence also opens up promising prospects. We are constantly monitoring and integrating it in a targeted manner to improve our services and develop innovative solutions.
Finally, regulation remains a major issue, particularly in depository control activities and our Compliance staff are working hard to ensure we stay one step ahead.
In 2024, Crédit Agricole S.A. signed an agreement to acquire Santander's 30.5% stake in CACEIS. What will be the consequences for the Group of this transaction when Crédit Agricole holds 100% of CACEIS' capital?
This agreement sends a strong message: our long-standing shareholder, Crédit Agricole S.A., reaffirms its confidence and support, which are essential to our development. Having a shareholder that is fully committed to CACEIS ensures our financial stability and long-term future.
This change in shareholding does not affect our strategic partnership with Santander in Latin America. We remain present in the region through the S3 CACEIS subsidiaries in Brazil, Colombia, and Mexico, jointly-owned with Santander, and continue to leverage our synergies in this dynamic market.
ESG criteria and CSR are now key issues in the financial sector. How does CACEIS integrate them into its strategy and how does it support clients’ own sustainability commitments?
To envision a sustainable future, a company must implement societal and environmental projects that contribute positively to its ecosystem. Our convictions translate into actions.
For years, we have been integrating ESG and CSR criteria into our strategy. Our dedicated business line reflects our commitment to a responsible and sustainable approach, both internally and with our clients.
Our services, such as non-financial reporting, help them structure their sustainability policies and measure their impact.
In 2025, CACEIS will go further and offer a year of tariff-free services for any newly launched fund or sub-fund under Article 9 (SFDR) or equivalent. By reducing some of the charges, we are encourage our clients to promote responsible investment strategies.
Client satisfaction is a key issue in asset servicing. What initiatives are you implementing to address this?
Client satisfaction is our top priority. We cultivate excellent relationships and a "client-first" approach, placing their needs at the heart of our strategy. With this in mind, CACEIS staff strive to meet clients’ expectations with professionalism.
We aim to maintain transparent and open communication, and we regularly analyse their feedback to adjust our processes and deliver an ever-more satisfying client experience.
We promote internal mobility to foster the development of new skills and knowledge, and we encourage staff initiative-taking and the proposal of innovative solutions.
Finally, I would like to thank our clients for their trust and loyalty - essential foundations of our success and continued growth.
