CACEIS, the asset servicing arm of Crédit Agricole, is to provide Solvency II information on the assets held by IBM's staff health insurance scheme in France.
CACEIS will provide essential information on the assets it holds in custody on behalf of Mutuelle du Personnel IBM. The information will enable the insurer to meet its Solvency II reporting requirements and "look-through" to the underlying assets that it is invested in.
CACEIS will also perform data enrichment and calculate the solvency capital requirement of the assets.
Look-through data will be created using the tripartite format developed by UK's Investment Association, Germany's BVI and Club Ampere, the latter sponsored by the French Asset Management Association (see IAR, 27 January)
The head of administration and finance at Mutuelle du Personnel IBM, Frédéric Bocher, said: "We chose CACEIS to help us deal with Solvency II issues as we already had experience of their high-quality approach to custody and valuation services. The consistency of their data and comprehensive nature of their checking processes are evidence of their reliability – a key aspect of producing reports that comply with this directive."