CACEIS to support Ostrum Asset Management with MMF

Ostrum Asset Management has selected CACEIS for support in implementing the Money Market Funds (MMF) regulation. As part of the implementation, CACEIS will provide Ostrum with fund administration and depositary control solution adapted to the MMF regulation. MMF aims to provide a revised framework for money market funds, requires changes at various levels, including the valuation methods of financial instruments held in money market funds, regulatory and contractual ratios, and financial statements. CACEIS is the main custodian and administrator of money market funds in the French market.

Simon Logeay, head of market risk management at Ostrum Asset Management, said: “CACEIS has enabled all of our money market funds to comply with the new constraints well before the deadline of 21 January 2019.” He added: “For the sake of consistency, we have chosen to apply mark-to-market valuation to all of our funds and monetary financial instruments. CACEIS, as a trusted partner, provided us with additional support well beyond regulatory requirements.”

Ramy El Houayek, group head of fund administration at CACEIS, commented: “As with every regulatory change that impacts our clients, CACEIS has allocated the resources and made the necessary adjustments.” He added: “CACEIS has ensured its clients a solid and automated solution that allows them to migrate at their convenience while complying with the regulatory schedule.