BNP Paribas Securities Services has won a new mandate from German insurer Allianz to provide asset servicing for its UK-based funds, a move that further strengthens the French bank’s position in the European custody market, states BNP in a press release.
The agreement covers global custody, securities lending, auto foreign exchange, continuous linked settlement, and cash services. Allianz will also receive tailored reporting through BNP Paribas’ NeoLink platform. Under the deal, BNP Paribas becomes the sole custodian for all Allianz investment accounts in the UK.
Expansion drive
Arnaud Claudon, who leads the asset managers and asset owners’ client lines at BNP Paribas Securities Services, said the mandate supports the bank’s aim to be recognised as a leading European custodian.
The mandate adds to a busy spell for BNP Paribas. The firm recently streamlined its global client development and territory teams under new leadership from Alessandro Gioffreda. It has also signed an agreement with Proxymity to roll out proxy voting services in the UK, Australia, and New Zealand.
