Australia’s IOOF zeroes in on BNP Paribas

BNP Paribas Securities Services has benefitted from a review by its Australian financial services company client IOOF Holdings of its A$20 billion fund accounting and custody business, previously serviced by NAB Asset Servicing, JP Morgan and BNP Paribas.

After the fund manager rated each for service and value, BNP Paribas is now the sole provider in an expanded new relationship covering custody and master custody, some middle office functions and some compliance.