Written by Kangkan Halder
“Clearstream’s proven track record and comprehensive service offering from subscription to execution, settlement, custody and trailer fee collection will allow Spuerkeess to enhance operational efficiency and cost-effectiveness,” said Aly Kohll, deputy CEO of Spuerkeess, in a press statement on Tuesday 8 October 2024. Photo: Clearstream Fund Services
In a strategic effort to consolidate its fund operations, Spuerkeess chose Clearstream as its partner for executing and distributing its investment fund business, aiming to enhance cost-effectiveness and operational efficiency.
Luxembourg’s leading state-owned bank, Spuerkeess, announced its decision to partner with Clearstream, a Kirchberg-based global post-trade services provider owned by Deutsche Börse, for the execution and distribution of its investment fund business. This collaboration, announced on Tuesday 8 October 2024, aims to enhance operational efficiency and cost-effectiveness for Spuerkeess.
According to the press statement, Spuerkeess sought to consolidate its mutual and alternative funds businesses by leveraging Clearstream’s trade dealing and execution platform, Vestima. This partnership was expected to enhance asset safety and streamline fund processing operations, encompassing key areas such as trading, post-trading and trailer fees.
Moreover, the partnership allowed Spuerkeess to access Clearstream’s extensive suite of services, which included fund data services, thereby establishing a one-stop shop for investment funds in its home country. Philippe Seyll, CEO of Clearstream Fund Services in Luxembourg, expressed his enthusiasm for the partnership, stating that the collaboration was a testament to their mutual pride in Luxembourg and a commitment to service excellence. Seyll noted that Clearstream could ensure streamlined, efficient and safe processing and distribution services for all fund types through its comprehensive offerings.
Aly Kohll, deputy CEO and member of the executive committee at Spuerkeess, commented on the significance of this partnership, highlighting Clearstream’s proven track record and comprehensive service offering, which encompassed subscription to execution, settlement, custody and trailer fee collection. “We firmly believe this will in turn help us to offer a more efficient and cost-effective service for our clients,” concluded Kohll.