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BNP Paribas wins $7bn Brazil mandate
23 October 2013
Will provide custody and fund administration for largest asset manager in the region
BNP Paribas Securities Services has won a mandate to provide global custody for a $7bn qualifying investor fund run by BB DTVM.
The asset manager, which is a subsidiary of Banco de Brasil, wants to expansion internationally in Europe and Asia.
The fund is invested into multiple asset classes including fixed income and various debt strategies. BNP Paribas said BB DTVM was looking for a provider with the expertise to support this. BNP Paribas was chosen for its geographic footprint, expertise and flexibility.
Carlos Massaru, CEO, Banco do Brasil Asset Management said: “We were looking for an efficient, responsive service provider who would help us develop business opportunities. BNP Paribas offered us the solution that best fits our needs both from an investment and distribution perspective.
"They also had a very good understanding of the regulatory landscape governing international fund distribution.”
Alvaro Camunas, head of BNP Paribas Securities Services Spain, Portugal and Latin America, noted that clients are increasingly becoming less domestic and want to diversify globally.