BNP Paribas Asset Management outsources middle office and fund administration
01 December 2004 | 683 views | 0
Source: BNP Paribas
BNP Paribas Asset Servicing (BPAS), an entity of BNP Paribas Securities Services acting as fund administrator and third party agent, will perform the Middle Office and Fund Administration functions of BNP Paribas Asset Management (BNP PAM).
Between now and January 2005, BNP PAM staff responsible for these functions will also be transferred to BPAS in order to ensure a seamless continuity of service.
This new synergy between two entities that belong to the Asset Management and Services core business of BNP Paribas will boost the group's leadership by providing clients with an innovative service offer linked to its concept of integrated architecture. In addition, this operation demonstrates that the French market, like the Anglo-Saxon markets, is rapidly moving towards a model based on function specialization.
BNP PAM is one of the first asset management companies in France to delegate its middle office and bookkeeping functions in order to further improve its client service: backed by BPAS, BNP PAM can offer clients access to one of the best administration operations in the market while enhancing resources and expertise. By relying on an internationally acknowledged fund administrator, BNP PAM is taking advantage of the progress already made in 'Straight Through Processing' (STP) and integrated 'Front to Back' processing with financial intermediaries. This move confirms BNP PAM's desire to focus on its core business, two years after outsourcing its Performance Reporting & Attribution activities.
BNP Paribas Securities Services is strengthening its European leadership with almost 4,000 funds in Europe including more than one thousand in France, and is positioning itself to offer clients a full range of services with proven technological solutions, critical mass and acknowledged expertise. Indeed this contract is based on a combination of first rank expertise, developed on the French market by BNP PAM and BPAS, and on BNP Paribas Securities Services' international experience in this business, particularly through the acquisition of Cogent.