BNP Paribas Trust Services Singapore Limited, the subsidiary of BNP Paribas Securities Services (‘BNP Paribas’) in Singapore, is pleased to announce that it has successfully mandated its first clients in the region. This follows BNP Paribas’ approval from the Monetary Authority of Singapore for a Trustee licence, allowing them to act as trustee for collective investment schemes as well as the Capital Market Services licence, enabling it to provide custodian services for securities. This success in South East Asia is a key win for BNP Paribas, completing its service offering capability on the ground in all major global time zones and regions.
This strategic expansion into Asia enables BNP Paribas’ fund administration and custody business line to support the local fund management industry as well as comprehensively servicing global asset managers in multiple locations. The activity in Asia will fully leverage BNP Paribas Group’s strong and long-standing presence in the Asian region.
BNP Paribas’ securities services team in Singapore combines local knowledge with global expertise. Marcel Weicker, head of location has spent the last 12 years of his 37 year banking career in Singapore. He and his senior management team have a combined 50 years experience in the investment fund industry.
Jean-Marc Pasquet, head BNP Paribas Securities Services Asia Pacific, based in Sydney, said: “This is a big step forward in the development of the BNP Paribas Securities Services franchise in Asia. We are happy to have secured the first mandates, which for a new set-up, can be the most difficult to attain and we are confident that they will lead to further business expansion going forward.”
Marcel Weicker added: “With this milestone, we will be able to provide potential clients with service quality references from existing clients, which demonstrate that they will be working with the custody bank with the world’s best credit rating, delivering world-class solutions for their asset servicing requirements across Asia.”
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 3 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
About BNP Paribas Securities Services
BNP Paribas Securities Services (www.securities.bnpparibas.com) is a wholly-owned subsidiary of BNP Paribas. With €3.6 trillion assets under custody, €744 billion assets under administration and close to 6,000 funds administered, BNP Paribas Securities Services is the leading European provider of securities services and rated number 5 in the world.
BNP Paribas Securities Services has a unique multi-local model, servicing both the buy-side and sell-side with 5,400 employees worldwide, a local presence across 25 countries and global coverage of 92 markets