CACEIS Fonds Service GmbH took over the fund accounting for 16 closed-end special funds from KGAL Group (KGAL). The funds represent €3.6bn in assets under administration. Both parties have also completed the transfer of the associated team from KGAL, based in Gruenwald near Munich, to CACEIS in Munich. Starting in the second quarter of 2020, CACEIS provides the following services: bookkeeping including the calculation of net asset values (NAVs), financial balancing, regulatory reporting as well as production of quarterly and annual financial statements. Since 2014, CACEIS has been KGAL's preferred provider of depositary services.
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