Novo Banco, identified as the fourth-largest bank in Portugal, has appointed Euroclear FundsPlace as its exclusive provider for fund distribution services. Euroclear FundsPlace offers a comprehensive fund distribution solution that connects over 2,500 clients globally.
Under this new arrangement, Euroclear is tasked with managing platform services as well as automating the collection of trailer fees for the bank’s mutual fund depot. This strategic move is expected to streamline operations, enhance transparency, and increase efficiency within the bank’s distribution model.
Elisabete Pereira, an Executive Director at the bank, emphasized that this partnership is a crucial aspect of their strategy aimed at simplifying and improving fund distribution operations. The collaboration is designed to enhance service efficiency and deliver greater value to clients by providing an expanded array of investment opportunities with improved quality and responsiveness.
Vincent Clause, who oversees Funds Strategy and Product Expansion at Euroclear, remarked on the importance of this agreement in their ongoing relationship with the bank. He noted that centralizing fund distribution with Euroclear signifies a strong commitment to operational excellence and investor transparency. The synergy allows the bank to tap into Euroclear’s reliable infrastructure, which facilitates scale, diminishes operational complexity, and enhances market connectivity.
This development comes on the heels of Euroclear’s recent acquisition of a Spanish fund services provider, Inversis, thereby extending its influence in Southern Europe.