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<strong>Dexia</strong>Activity portfolio – Business model – Strategy• Fund Administration. This businessen<strong>com</strong>passes the custody and otheradministrative tasks relating to securitiesand funds. <strong>Dexia</strong> offers three types ofservice: custody and related services, centraladministration (book-keeping of the funds,legal work, providing periodic valuations andso on), and transfer agent services (keepingregisters and managing subscriptions andredemptions of fund shares).<strong>Dexia</strong> has long been a leading player in thisindustry in Europe owing to its premierposition in the Luxembourg market, which isthe second largest in Europe. Over the years,<strong>Dexia</strong> has developed a renowned expertisein the central administration and transferagent businesses and is now a European leaderin these two activities. <strong>Dexia</strong> has developedoutside Luxembourg and now operates inmany other European countries. In <strong>2005</strong>,a joint venture was concluded – and hasstarted operating in January 2006 – withRoyal Bank of Canada to establish one ofthe first global players in this area. The jointlyowned<strong>com</strong>pany, RBC <strong>Dexia</strong> Investor Services,occupies the tenth highest position amongglobal custodians with nearly USD 2 trillionunder custody.22
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