PRESS RELEASE
02/11/2004

Dexia Fund Services strengthens its fund administration business in France

 

Luxembourg, 2 November 2004 - Dexia Fund Services is strengthening its position on the French market and announcing the 100% acquisition of FMS Hoche. A subsidiary of Banque de Neuflize, FMS Hoche is a specialist fund administration company based in France and has 18.9 billion euros under administration at the end of 2003. This company will continue to serve its clients with the know-how and quality of service, for which it is recognised, while maintaining the range of services currently on offer and extending them.

The acquisition underlines Dexia Fund Services' stated ambition to reinforce its position in France, the 2nd largest market in the world in volume terms, where it already has a presence through two entities: Dexia Fund Services France and Dexia Fund Administration and Custody. These two entities represent 33 billion in assets in custody, of which 14 billion are in the assets of UCITS including valuation services.

Ultimately FMS Hoche and the two other entities will be integrated into a single structure. This operation is in line with the international strategy of Dexia Fund Services, which aims at expanding its presence on the principal European and Asian markets. It is worth recalling that in Italy, Dexia Fund Services has led the way for the outsourcing of financial services for investment funds by securing its first large-scale mandate on the Italian market, signed in November 2003 with Gestielle SGR for a total of 16 billion euros of assets.

In France, Dexia Fund Services has climbed to 8th market ranking of the fund administration business and is shoring up its position as market leader in the provision of services to alternative funds, which represent the fastest growing component of the market. This is a sophisticated market requiring expertise and flexibility. Dexia Fund Services intends to create a recognised centre of expertise in France which should not only underpin its leading role in the alternative fund segment but also contribute to the performance of the whole international network.

Dexia Fund Services is a major player in the field of service provision to investment funds. DFS is present in 11 financial centres in Europe and in Asia (Luxembourg, Amsterdam Brussels, the Cayman Islands, Dublin, Hong Kong, Madrid, Milan, Paris, Singapore and Zurich). As a whole, as of 30 June 2004, the total capital volumes of DFS network amounts to 352 billion euros in custody, to 153 billion euros in central administration and to 310 billion euros in transfer agency services.


Press contacts:

Paris:
Carlos Sanchez (DFS France)
Tel: (+33) 1 49 35 68 04 - carlos.sanchez@dexia-bil.com
Luxembourg:
Tom Anen (Dexia BIL)
Tel: (+352) 45 90 38 79 - tom.anen@dexia-bil.com