RBC Dexia lands fund services deal

Date: Friday, August 29, 2008
Author: Kris Devasabai, ICFA.com

RBC Dexia Investor Services has secured a major new multi-billion dollar outsourcing deal in Luxembourg.

Vontobel Asset Management, part of the Swiss private bank Vontobel AG, has appointed RBC Dexia to provide custody, fund administration, shareholder services and recordkeeping for its €11bn portfolio of Luxembourg-based funds.

RBC Dexia said the asset had already been transitioned.

Dominic Gaillard, head of asset management services for Vontobel Asset Management, said the appointment was made following a comprehensive review of service providers. "Ultimately, we determined that RBC Dexia is the provider best-aligned with our long-term business strategy," he said.

Gaillard said Vontobel was impressed by RBC Dexia's "determination to provide full support for a successful migration and to develop a tailored, automated solution to meet our specific needs."

Jean-Michel Loehr, chief executive officer of RBC Dexia Investor Services Bank, said: "This appointment serves to reinforce RBC Dexia's position as the provider of choice for leading asset managers."

This is the second major investor services appointment by Vontobel in the past 2 years. Last year, Vontobel Asset Management outsourced its back and middle office investment operations functions in New York to Northern Trust.