Copying and distributing are prohibited without permission of the publisher
BNP Paribas wins LatAm mandate
13 March 2014
Axa IM wants to make its funds available to investors in Latin America
BNP Paribas Securities Services has won an extended mandate to
provide Axa Investment Managers (Axa IM) with settlement agency
services in Latin America.
The service will be provided to Axa through the custody
bank’s membership to the National Securities
Clearing Corporation (NSCC) regional clearing platform. This
will allow Axa to make its fund ranges accessible to the
largest brokers in the region.
Axa IM is catching on the growing trend for fund managers
distributing into the Latin American region. Investors and
local regulators are becoming ever more open to opportunities
to connect local investors with inbound international funds,
according to BNP Paribas. This step is part of AXA
IM’s ongoing efforts to expand its geographical
Joseph Pinto, chief operating officer, at AXA IM, said: 'Latin
America is a key target market for us as the doors into the
region are opening."
The firm has extended its - client service platform - 'Offer to
meet Needs Everywhere’ (ONE) to the
"BNP Paribas has shown constant support in our
international expansion, providing expertise in regulatory
change and distribution trends locally. We are pleased to be
partnering with them in our efforts to make our funds available
to investors in Latin America."
Jean Devambez, head of asset and fund solutions, BNP Paribas
Securities Services said that although European asset managers
want to enter the region, there are several barriers that are
causing them to hesitate. "We believe that a fuller
understanding of the region will allow many more managers to
take advantage of the opportunities there."
He added: "Latin America has become a hot spot for fund
distribution, attracting a growing number of foreign funds and
asset managers attempting to capture rapidly growing local
interest in foreign securities. We understand the challenges
our clients face when entering new markets, and look to stand
by them throughout the process."