Spuerkeess selects Euroclear FundsPlace

Brussels/Luxembourg, 22 February 2024 - Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) has announced that it will be moving the majority of its fund portfolio to Euroclear FundsPlace, as part of its efforts to streamline its fund business. The Luxembourg bank has decided to move away from transfer agents and centralise the distribution and execution services of its funds. Euroclear’s funds platform will manage the lion’s share of Spuerkeess’ portfolio from now on and collect trailer fees on external custodians as well.

“We are delighted to see Spuerkeess’ decision to intensify its collaboration with Euroclear. This move is a testament to our proximity with our clients to provide them with the best possible service and value. Our FundsPlace offering enables them to achieve greater scalability, risk reduction, asset protection and revenue optimisation. We are pleased to reinforce our collaborations in Luxembourg.” – Valérie Urbain, Chief Business Officer at Euroclear.

“We are very pleased to have selected Euroclear FundsPlace and to expand our already existing relationship with Euroclear to the fund assets. The fully integrated model from subscription, execution, settlement, custody and trailer fee collection allows Spuerkeess to reduce its costs and operational risks and ultimately to offer an even better service to its retail and institutional clients.” – Aly Kohll, Deputy CEO and Member of the Executive Committee at Spuerkeess.

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.

Since its foundation in 1856, Spuerkeess has been solely owned by the Luxembourg State, with its statutory missions consisting in promoting savings, facilitating access to housing and supporting the development of the national economy. Today, Spuerkeess is the leader in both the retail banking and domestic SME markets. As a universal and systemic bank, Spuerkeess is recognised well beyond the borders of the Grand Duchy of Luxembourg. The international rating agencies have awarded Spuerkeess AA+ (Foreign Currency LT Issuer Credit Rating, Standard & Poor's) and Aa2 (Long term Deposit Rating, Moody's) ratings. In 2023, Spuerkeess received the title of 'Best Investment Bank & Sustainable Finance Luxembourg' at the Global Finance Sustainability Awards 2023. Furthermore, Sia Consulting concluded that S-Net is considered the best banking app in Luxembourg. For more information, visit www.spuerkeess.lu