BNP Paribas SS wins Generali mandate
BNP Paribas Securities Services has won a €180bn ($240) pan-European mandate from the Generali Group.
BNP Paribas Securities Services will provide global custody services for Generali’s €130bn portfolio of direct insurance assets held in Europe. The bank will also provide fund administration and depositary banking services for Generali’s funds in France, Germany, Italy and Luxembourg, which have assets totalling €50bn.
“The appointment of a global custodian is an important step in the restructuring of our asset management operations,” said Dominique Clair, chief operating officer of Generali Investments Europe.
“ excellent track record and in-depth local expertise will be much valued as we continue to centralise and upgrade our processes.”
BNP Paribas Securities Services was selected for its international reach and local market expertise. The bank’s custody network covers over 100 markets and it recently expanded its depositary banking business.
The Generali Group is one of the largest global insurance providers with 2013 total premium income of €66bn.
BNP Paribas Securities Services will provide global custody services for Generali’s €130bn portfolio of direct insurance assets held in Europe. The bank will also provide fund administration and depositary banking services for Generali’s funds in France, Germany, Italy and Luxembourg, which have assets totalling €50bn.
“The appointment of a global custodian is an important step in the restructuring of our asset management operations,” said Dominique Clair, chief operating officer of Generali Investments Europe.
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BNP Paribas Securities Services was selected for its international reach and local market expertise. The bank’s custody network covers over 100 markets and it recently expanded its depositary banking business.
The Generali Group is one of the largest global insurance providers with 2013 total premium income of €66bn.
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