BNP Paribas Securities Services has completed the segregation of clients’ UCITS assets that it holds under depositary in France, Germany, Ireland, Italy Luxembourg, the Netherlands and the United Kingdom, as required by the UCITS V directive. The migration process, which started in December 2015, was completed on March 24, it adds.
Arnaud Claudon, global head of depositary and fiduciary services at BNP Paribas Securities Services, said that this major compliance exercise will enhance the UCITS brand and provide additional marketing opportunities for asset managers.
UCITS V stipulates that, when safekeeping is either fully or partially delegated to a third party, the depositary must ensure the third party complies with segregation requirements. This segregation is to ensure a client’s assets can be easily distinguished from those of other clients or those of the depositary.