Natexis Banques Populaires, the wholesale banking arm of France’s fifth-largest banking group, provides global custodian services for its €398 billion of assets under custody and fund-processing services to a wide range of French and non-French clients, including asset managers, insurance companies, fund supermarkets and retail investors. Until now, Natexis Banques Populaires managed this business via direct relationships with a large number of transfer agents across Europe and beyond.

Commenting on today’s announcement, Norbert Cron, Head of Financial Services at Natexis Banques Populaires, said: "FundSettle offers us the best way to reduce our processing costs and operational risk exposure. Thanks to FundSettle’s high level of automation, we can improve service levels for our clients and provide a service offering that is more competitive than ever."

Thierry Logier, Director and Head of Investment Fund Product Management at Euroclear SA/NV, added: "In France, UCITS III and the development of the ‘Open Architecture’ approach to funds distribution have led to increased demand for cross-border funds. This, in turn has created new back-office challenges for banks and custodians in what is Europe’s largest fund market. Natexis Banques Populaires’ decision to use FundSettle is proof positive that we have developed a strong solution that matches the requirements of both fund buyers and fund promoters."

By choosing to work with Europe’s only fully integrated fund-processing platform, Natexis Banques Populaires’ clients will benefit from more timely transaction confirmations, as well a reduction in inefficiencies caused by manual intervention and greater transparency in the management of their trailer fees.