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Orange deal leads Groupama to outsource custody

OutsourcingParis-based Groupama Group – which launched Orange Bank with telecoms firm Orange in 2017 - has outsourced custody of its investment funds to Caceis.

Caceis becomes the sole custodian and leading fund valuation agent for Groupama in what is a first-time outsourcing for the French insurance giant. Caceis also takes over custody of assets managed by Groupama Asset Management.

Funds and asset services were previously carried out in-house within Groupama’s own bank – Groupama Banque – which became Orange Bank in 2017.

A spokesperson for the firm said that, following the launch of Orange Bank – which is 35% owned by Groupama and 65% owned by telecom firm Orange – Groupama had to seek an outsourced alternative because custodian activities are not a core business of Orange Bank.

“That’s why we made a call for tender and chose Caceis,” the spokesperson said.

Caceis is the asset servicing subsidiary of French bank Crédit Agricole. At the end of 2018 Caceis had assets under custody of €2.6 trillion, while assets under administration were €1.7 trillion.

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