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.”