Universal Investment has been selected by Lazard Asset Management (Deutschland) as its new insourcing partner for the administration of 21 funds with combined asset under management of €1.5bn. The transition of the administration services to Universal Investment’s platform was completed in January 2018. The mandate includes fund accounting and administration as well as tax and other reporting services.
Bernd Vorbeck, chief executive officer Universal Investment, said: “Lazard AM is a highly reputable investment company and we are excited to be partnering with the German part of its fund business. We have implemented a range of administration services in order to cover the entire value chain beyond portfolio management. Insourcing, or from our clients perspective business process outsourcing, is one of our key business lines addressing both AIFM and asset managers, and winning Lazard AM’s mandate is a big step toward further expanding it.”
Currently, Universal Investment manages an insourcing volume of more than €59bn. Vorbeck expects the strong pressure asset managers are under to become more efficient will lead to a change in the positioning of many players in the industry. As the leading master KVG service provider, Universal Investment offers a wide range of services, dedicated and professional staff and a highly efficient platform including multi-user capability.
Andreas Hübner, CEO at Lazard Asset Management (Deutschland) GmbH, said: “We selected Universal Investment as part of a competitive pitch. Universal-Investment will assume a range of complex fund administration tasks on our behalf and therefore support our German business in a meaningful way.”