Bayerische Landesbank picks Profidata for custodian services
Germany’s Bayerische Landesbank, a provider of custody services, has signed up to Profidata’s investment management software Xentis.
BayernLB aims to enhance its performance while keeping up with demands of the market and the supervisory authorities.
Stefan Hoerpel, head of department for custody services for the group’s own capital management companies at BayernLB, explains: “As a ‘Modell 2’ custodian, we consider it essential to have our own, independent solution for fund accounting and investment limit controls.”
BayernLB is collaborating with its subsidiary, BayernInvest Kapitalverwaltungsgesellschaft (i.e. a capital management company) for the implementation.
This subsidiary has used Xentis for some years to handles core tasks for capital management companies and custodians, and digitises and automates the relevant processes, such as fund accounting and investment limit controls.
BayernLB is a commercial bank for large corporates and SME customers in Germany. It has provided services for over 25 years and has around €35 billion of assets under custody.