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BNP Paribas opens Swiss depo bank
03 February 2014
Extends depositary licence network to Switzerland
BNP Paribas Securities Services has opened a depositary banking business in the Swiss market.
The launch adds to the custodian’s expanding depositary bank network in recent months, having obtained licences in the UK and the Netherlands.
BNP Paribas’ asset manager and asset owner clients with funds domiciled in Switzerland will now be able to benefit from the bank’s pan-European depositary services such as cash monitoring, oversight and safekeeping of assets.
“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,” said Garrick Smith, head of BNP Paribas Securities Services Switzerland.
He added: “With this expansion we underline our commitment to the Swiss market.”
Under the Alternative Investment Fund Managers (AIFM) directive all non-Ucits and alternative investment funds in Europe must appoint a depositary bank to provide safekeeping, cash monitoring, and oversight of assets.
The same will be required of Ucits funds once Ucits V comes into place, which is expected to be finalised by the end of this year.