The Luxembourg-based European Fund Administration is now focusing attention on the potential of the pensions market in Europe.
EFA completed the ‘migrating’ of the investment funds of its four shareholder banks, involving 688 funds with assets of $45bn, on to its new common shareholder registrar system.
Now EFA sees opportunities for third party business with the continued outsourcing by collective investment schemes in Luxembourg.
In the area of transfer agency, EFA claims to have made its own, the trend is also very much towards using outside providers, says EFA commercial director Claude Hoffman.
He also points to the development of the pensions legislation in Luxembourg and says that EFA was gearing up to administer the new pension vehicles when they come on stream. The needs of DC schemes, would be built into their systems, he adds. “We will be a specialist in pension schemes.”