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 regulation.”