European Fund Administration (EFA) is to provide Skandinaviska Enskilda Banken AB (SEB) with its fund accounting and transfer agency services for its first ETF products.
The Swedish bank recently entered the ETF business with three products – SpotR, SpotR Bull and SpotR Bear. The investment objectives of the three sub-funds are to provide the investors with a return linked to the OMXS30 index, the Swedish market index.
As a preferred method to achieve their investment objectives, the ETFs use swaps whose performance will primarily depend on the performance of the index.
Services provided by EFA are: calculation of daily Net Asset Values; recording subscriptions/redemptions;
independent valuation of swap transactions; independent valuation of collateral portfolios; and the provision of reporting solutions.
The Management Company and Central Administrative Agent, SEB Fund Services, has delegated the Administrative Agent responsibilities to EFA, while custodian services are provided by Skandinaviska Enskilda Banken.