BNP Paribas wins ASR mandate
This is a significant cross border mandate for BNP Paribas. It was awarded following a competitive tender, and places over €7bn ($8.84bn) of ASR’s assets into the depositary function of BNP Paribas Netherlands and Luxembourg.
ASR’s assets fall under the Alternative Investment Fund Managers directive.
“AIFMD has allowed us to work closer than ever with clients and prospects,” said Marco Homburg, head of asset managers and asset owners, at BNP Paribas Securities Services, Amsterdam.
“We are able to bring our expertise to bear and work by their side to help manage their transition to the regime across various jurisdictions, investment strategies and asset classes, as part of a comprehensive global custody offering.”
Under the AIFM directive, which came into effect on July 22 of this year, non-Ucits funds in Europe must appoint a depositary bank such as BNP Paribas Securities Services for cash monitoring, oversight and safekeeping of assets.
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