BNP Paribas has today announced the successful acquisition, following the attainment of all regulatory approvals, of RBS International Securities Services (Holdings) Limited, part of RBS International, the 70:30 joint venture between RBS International and The Bank of New York.
The acquisition, finalised on Friday 29th June 2007, completes BNP Paribas Securities Services' coverage of the UK offshore markets and leverages its service capabilities for offshore funds.
RBS International Securities Services will be integrated into BNP Paribas Securities Services, continuing to provide global custody, fund administration and corporate trustee services to its clientele of fund managers and managers of private wealth clients. With over 175 employees based in Jersey, Guernsey and the Isle of Man, current assets under custody total in excess of £35 billion while assets under administration amount to £6.4 billion.
Commenting on the acquisition, Jacques-Philippe Marson, Chief Executive Officer of BNP Paribas Securities Services said: "This deal further enhances our capacity to create and implement solutions for our clients' strategies in the UK offshore markets, which are playing an increasingly important role for many fund and fund of funds managers".
BNP Paribas is demonstrating its desire to broaden the scope of solutions offered to customers, and especially towards the growing alternative investments industry. As Severine Mangin, the future CEO of the UK offshore markets division explained, "The decision by such a worldwide leading provider in securities services and investment operations to develop its presence in the UK Offshore market underlines the attractiveness of the islands and our commitment to servicing the funds industry, and more particularly, property funds, hedge funds and private equity. I am looking forward to working with a high quality team, to providing best-of-breed services, and further developing advantageous solutions for our clients".
David Myatt, Area Manager for BNP Paribas in the Islands added, "This is a great step forward for BNP Paribas' coverage of the UK offshore markets, a reinforcement in the islands that will also benefit this market with the incoming BNP Paribas Securities Services' international systems, expertise and network adding value to the existing customers and teams".