BNP Paribas’ Securities Services has announced a new mandate with asset manager Schroders. The partnership will see it providing fund administration, global custody, and loan administration in the launches of two new UK qualifying asset holding company (QAHC) fund structures.
QAHCs are UK-resident, unlisted companies that act as holding vehicles for investment funds. According to the British Private Equity and Venture Capital Association (BVCA), the tax efficient fund structure was introduced in April 2022 as a part of the UK government’s initiative to make the country more competitive for asset management and investment funds. It is designed to replicate the tax neutrality of territories such as Luxembourg or Ireland while keeping within the UK’s regulatory framework.
Under the mandate, BNP Paribas’ Securities Services will be supporting the two QAHC fund structures with its full suite of global private capital offerings, which combines BNP Paribas’ fund services, depository, and loan administration services through an integrated bank model.
