CUSTODY

BNP Paribas continues US expansion with mandate win

BNP Paribas will provide custody and settlement services to US-based broker-dealer Mirae Asset Securities USA.

By Paul Walsh paul.walsh@strategic-i.com July 12, 2017 9:41 AM GMT
BNP Paribas has continued its expansion into the US with an agreement to provide custody and settlement services to US-based broker-dealer Mirae Asset Securities USA (Mirae).

As part of the mandate, BNP Paribas will provide Mirae, a subsidiary of Asian financial services firm Mirae Asset Financial Group, with global custody services in the Americas, Europe and Asia.

According to BNP Paribas, the deal comes as Mirae prepares to launch its global prime brokerage, equity financing repo, correspondent clearing, foreign research distribution and agency execution businesses in the US.

“We are excited about this new relationship and the opportunities that come with having access to such a large global network and broad service offering to meet the complex needs of our clients,” said Robert Akeson, chief operating officer of Mirae.

The French bank has made an aggressive play in the US, with ambitions of rivalling the big four incumbents in the region.

“We are excited to have been appointed by Mirae as their global custodian,” said Florent Thiry, head of the financial intermediaries and corporates client line in the Americas at BNP Paribas Securities Services.

“This demonstrates the strength of our offering in the US, where we have been expanding our presence, and our commitment to this market.”