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BNP Paribas wins €2bn custody mandate
17 March 2014
One of France’s biggest mutual insurance providers selects the custodian bank
French insurance firm La Mutuelle Générale has
appointed BNP Paribas Securities Services to act as custodian
for its €2bn portfolio.
The bank will also provide fund administration, risk management
and performance analysis services and will be responsible for
the firm’s institutional accounting.
BNP Paribas will provide La Mutuelle Générale
with high-end reporting and analysis for its investment
portfolio via the custodian’s Data Navigation and
Analysis (DNA) service.
The custody bank said this would help the company in meeting
its requirements under Solvency II, which is scheduled to come
into effect at the beginning of 2016. According to the
statement, La Mutuelle Generale is committed to optimising the
monitoring of its assets.
Christophe Harrigan, financial director of La Mutuelle
Générale said: "Our objective was to partner with
a single custodian for our entire portfolio. We chose BNP
Paribas as its DNA offering appeared to us as the most
innovative in the market, with a unique method of interactive
reporting. This software provides sophisticated data capture,
enabling us to break down performance analysis globally using a
range of filters."
Gilliane Philip-Courtines, head of institutional client
development, BNP Paribas Securities Services France, said: "We
are delighted to strengthen our partnership with La Mutuelle
Générale. This demonstrates our capacity to help
our institutional clients meet new challenges, including