Switzerland : BNP Paribas Securities Services launches depositary banking business in Switzerland.
BNP Paribas is one of Europe s largest depositary banks with around EUR 900 billion in assets under depositary. This announcement follows several expansions to BNP Paribas depositary banking network in recent months, with launches in the UK and the Netherlands and now Switzerland. Its depositary banking network now covers 12 fund domiciles in Europe as well as three in Asia Pacific. Garrick Smith, Head of BNP Paribas Securities Services Switzerland, said: This new expansion is the result of an increasing desire from our clients to consolidate their operational services, including depotbank and custody services, in Switzerland.
We have already won our first depotbank mandate in the market, from one of the biggest independent fund of fund managers in Switzerland. He continued, With this expansion we underline our commitment to the Swiss market. This announcement follows a year of growth for BNP Paribas In depositary banking, which also acquired the depositary banking business of Commerz bank in Germany, completing the acquisition in November 2013. Under the Alternative Investment Fund Managers Directive (AIFMD) which came into effect in July 2013, all non-UCITS and alternative investment funds in Europe must appoint a depositary bank to provide safekeeping, cash monitoring, and oversight of assets.
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