Russell Investments France has contracted Caceis following the conclusion of a tender process for providing custody and valuation services.
The Russell group is looking to expand its activities in France, where it has operated since 1994 and has €3 billion in assets under management in 2012. It recently changed the status of its Paris division to make it an independent management company operating under the name Russell Investments France. AMF approval for the management of open-ended and dedicated FCPEs, FCPs and mandates was obtained in March 2012.
CACEIS is assisting Russell Investments France by providing custody and valuation services for its first French UCITS, and will support its development while other products are being created. It will also provide additional financial and regulatory reporting services.
Michael Sfez, Managing Director of Russell Investments France, said that: "It was essential for us to find a provider capable of handling tailor-made multi-asset mandates and funds that meet the needs of French investors."
Joseph Saliba, Deputy Chief Executive Officer in charge of business development at CACEIS, added: "We are happy to provide support for the French growth strategy of Russell Investments, a leading player in multi-asset management. Russell Investments France will have full access to our in-depth knowledge of the French and European regulatory systems and our expertise in Asset Servicing to create solid foundations for its investment products."