BNP Paribas has landed a deal to supply custody and settlement to Convergex across all of the broker's European and Asian markets.

The French bank's securities services unit has provided the firm with the same services in Greece, Poland, Turkey, and the UK since 2010.

But the latest deal – with Convergex’s Execution Solutions business – builds on the original agreement and extends the coverage to a further 22 countries.

“We have been working with BNP Paribas Securities Services for five years and have been impressed with the commitment shown by the teams,” said Phil Gough, chief executive of Convergex Limited, Convergex's London-based brokerage.

“Their sophisticated settlement platform and global presence enable them to support our growth ambitions” added Gough, who joined in January 2015.

Classed as a 'mini-prime', Convergex has been benefiting from a big shuffle currently underway in the prime brokerage business.

Tougher capital standards, lower liquidity and eroding margins have put pressure on the major participants.

Convergex, whose target clients are the same small-to medium-sized funds deemed undesirable by the major brokerages - has been winning business.

At the start of 2015 it notched its best-ever quarter of growth, adding more new-client assets than at any point in its history.