CACEIS Fonds Service GmbH has taken over fund accounting for 16 closed-end special funds for KGAL Group. The funds’ assets are EUR3.6bn. Both parties have completed the transfer of the associated team from KGAL, based in Gruenwald near Munich, to CACEIS. CACEIS provides bookkeeping, including the calculation of NAVs, financial balancing, regulatory reporting, and production of quarterly and annual financial statements. Since 2014, CACEIS has been KGAL’s preferred provider of depositary services.
Thomas Schröer, CFO of KGAL, said: “We very much appreciate the long-standing and successful partnership with CACEIS as our depositary. Now, we will take it one step further using CACEIS` fund administration platform that offers a wide range of services.”