BNP Paribas Securities Services has won a major custody and depositary services mandate from leading asset management firm Carmignac, representing EUR 44 billion in assets. The migration of the assets took place at the end of February.
As part of this broad asset servicing mandate, BNP Paribas Securities Services will provide Carmignac with global custody, depositary banking and transfer agent services covering its entire range of French fund products.
Carmignac selected BNP Paribas Securities Services for its international reach, its global and multi-local expertise covering all asset classes, and its technology-driven approach to asset servicing.
This mandate expands the long-standing relationship between Carmignac and BNP Paribas Securities Services, which already provides custody and depositary services to the “Carmignac Portfolio” fund range in Luxembourg. By consolidating its fund range with one single provider, Carmignac will be able to simplify its operating model.
Patrick Colle, General Manager of BNP Paribas Securities Services, said: “This new mandate reflects the strength of our relationship with Carmignac. This partnership will allow Carmignac to improve operational efficiency and take advantage from our global model and technology-driven approach.”
Franck Dubois, Head of BNP Paribas Securities Services France and Belgium, commented: “We are delighted that Carmignac has entrusted us with this mandate in France. Carmignac is a leader in asset management, well known for its innovative distribution model, and will benefit from our global and multi-local expertise as well as from our comprehensive range of services.”
BNP Paribas Securities Services is one of the world’s leading global custodians, with EUR 9.4 trillion in assets under custody at the end of 2017, up 9.4% compared to 2016.
The bank has significantly expanded its local custody network since 2011, which now covers 27 markets. In 2017, the bank launched a new, ambitious triparty collateral management service and announced expansion plans in the US.
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
Founded in 1989 by Edouard Carmignac, Carmignac is now one of Europe’s leading asset managers. Its capital is held entirely by its managers and staff. In this way, the company’s long-term viability is ensured via a stable shareholding structure, reflecting its spirit of independence. This fundamental value ensures the freedom required for successful long-term portfolio management. With over EUR 56 billion of assets under management (as of 31/12/2017), Carmignac has developed a compact range of funds covering all asset classes (equities, bonds and balanced) with the objective of providing investors with consistent returns and low volatility. As part of its international development, Carmignac operates in Luxembourg, Frankfurt, Milan, Madrid, London, Zurich and Miami. Its products are authorised for marketing to professionals in France, Germany, Switzerland, Italy, Luxembourg, Belgium, Austria, Spain, the Netherlands, Sweden, the United Kingdom, Ireland, Taiwan and Singapore.
The information contained within this document (‘information’) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services’ judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request.
BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution ) and the AMF (Autorité des Marchés Financiers).
BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Services), is incorporated in the UK.
In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability. Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association.