BNP Paribas Securities Services has expanded its trustee and depository services to the UK market. The expansion leverages the banks existing service in Europe as it prepares for the Alternative Investment Fund Managers Directive.
James McAleenan, head of BNP Paribas Securities Services UK, said: The impact of AIFMD will be significant for UK fund managers, requiring implementation of new infrastructures, new distribution networks and for certain businesses new legal frameworks. This is not a simple process and with less than six months to go, poses serious challenges for our industry.
BNP Paribas Trustee and Depository offering will help UK clients to comply with all regulatory demands and guarantees the safety of assets. Services offered include fiduciary oversight, compliance monitoring, and management of third party activity.
James McAleenan, continued: This launch reinforces our continuous commitment to the UK market and is in line with our strategic objectives to support unit and investment trusts, as well as other Open Ended Investment Companies (OEICs) in the UK, which are both UCITS and non-UCITS compliant, particularly ahead of the AIFMD deadline.
(JDC)