The Bloise Insurance Group has appointed BNP Paribas Securities Services (BNP Paribas) to provide global custody and investment administration services to sixteen different Bloise entities located in the firm’s home market of Switzerland as well as in Germany, Luxembourg and Belgium.
Under the terms of the deal, local Bloise entities will receive a global custody service delivered locally in their home market, from local, on-the-ground operations, plus local client relationship management. Yet, at the Group level, Bloise will benefit from a single provider relationship, harmonised procedures, operational scale, and consolidated reporting for all of its investment portfolios across Europe.
In addition to global custody, BNP Paribas will also provide Bloise with depotbank services plus a range of treasury and liquidity management services that include securities lending, cash management and foreign exchange.
“We were looking for a top global custodian with a real presence in the core markets of Bloise, as well as flexibility, service quality and a relationship based on a true strategic partnership,” says Dr. Marco Brck, Head of Operations, Bloise Asset Management. “BNP Paribas was able to meet our needs.”
BNP Paribas claims the combination of centralised reporting and local delivery is “unique in the European marketplace.” Baloise has around CHF 65 billion under management.
Garrick Smith, Location Manager, BNP Paribas Securities Services Zurich, says the deal “underscores our conviction that our ‘the closer, the better’ approach in terms of local market expertise and service delivery offers a truly unique solution to our clients’ needs.”