BNP Paribas Securities Services, a global custodian with nearly USD8trn in assets under custody, has expanded its depositary banking business to the Swiss market.
This launch allows BNP Paribas’ asset manager and asset owner clients with funds domiciled in Switzerland to benefit from the banks’ pan-European expertise in depositary services such as cash monitoring, oversight and safekeeping of assets.
BNP Paribas is one of Europe’s largest depositary banks with around EUR900bn in assets under depositary.
This announcement follows several expansions to BNP Paribas’ depositary banking network in recent months, with launches in the UK and the Netherlands and now Switzerland. Its depositary banking network now covers 12 fund domiciles in Europe – as well as three in Asia Pacific.
Garrick Smith, head of BNP Paribas Securities Services Switzerland, says: “This new expansion is the result of an increasing desire from our clients to consolidate their operational services, including depotbank and custody services, in Switzerland. We have already won our first depotbank mandate in the market, from one of the biggest independent fund of fund managers in Switzerland. With this expansion we underline our commitment to the Swiss market.”