Cecabank renews its depositary agreement with the Ibercaja Banco group
- At the close of 2017, the Ibercaja group managers achieved a total of over 15 billion euros under management.
- Cecabank closed 2017 with 108.041 billion euros deposited, consolidating its leading position in the industry.
Cecabank, the wholesale bank specialising in Securities Services, today announces the renewal of the depositary service rendered to the management companies of the Ibercaja Group, Ibercaja Gestión and Ibercaja Pensión. The agreement reached entails the extension of collaboration and close trusting relations across a ten-year time horizon.
Thus, Cecabank has strengthened its leadership in depositary services for collective investment and pension fund institutions. The bank closed 2017 with 108.041 billion euros deposited, a figure that establishes Cecabank at the forefront in the industry in Spain, with an 11% year-on-year growth of deposited assets, above the sector average.
Javier Planelles, corporate director of the Operational Services Division of Cecabank, stated: "We are truly satisfied with having the trust of one of the leading asset marketing and management groups with the biggest growth in recent years. This renewal is the result of a careful adjustment to suit the the customers' demands and to the specialisation in post-trading activity in a highly-demanding regulatory environment. The asset management industry is increasingly sensitised to the need to have an independent quality depositary. The experience of recent years has demonstrated that separating depositary activities from marketing and management affords added security to investment and pension fund stakeholders".
Meanwhile, the bank is at a point of digital transformation of its Securities Services business, with the aim of strengthening its value chain. Cecabank is currently working with various companies, including several FinTech firms, to create ecosystems in which each stakeholder contributes a differentiating factor and collaborates with the rest to achieve streamlined and modern solutions, adapted to suit an increasingly demanding end customer who, in turn, wants a different way of accessing information.
Ibercaja, a specialist in investment funds and pension plans
Ibercaja Gestión closed the year with 12.367 billion euros of assets managed in investment funds, constituting an increase of 18.88% compared to December 2016. This figure marks a new record for Ibercaja in terms of volume managed.
Furthermore, Ibercaja Pension ended 2017 with 6.363 billion euros managed, placing fifth in the national ranking for assets managed in pension plans, with 5.73% of the market share. Moreover, it consolidates its third-place position in the sector of employer pension plan systems, with 4.107 billion euros of managed assets and a market share of 11.47%.