BNP Paribas Securities Services Singapore has been appointed by Aberdeen Asset Management Asia for the fund administration and global custody of their Select and South-East Asia funds.
Commenting on this important milestone in the partnership between the two entities in Asia, Arnaud Claudon, Head of BNP Paribas Securities Services Singapore, said: BNP Paribas Securities Services is pleased that Aberdeen Asset Management has made us their partner of choice globally for outsourcing its middle-office operations. We created a unique follow-the-sun model that operates across three time zones – the US, Europe and Asia – giving our clients the flexibility of a global operating model accessible from anywhere in the world. We are delighted to have integrated the fund administration and global custody of these funds in Singapore, creating additional synergies for Aberdeen Asset Management Asia.
Low Hon-Yu, director of Aberdeen Asset Management Asia, said: We wanted to consolidate our middle and back-office functions under one roof to minimise both costs and risks. This was of utmost importance as, in a fragmented region such as Asia, the front-office relies heavily on the local expertise of the middle and back-office. In that respect, the role of BNP Paribas Securities Services within our global operating model is a key component to support our growth plan in the region.
Jean-Marc Pasquet, Head of BNP Paribas Securities Services Asia Pacific, said: “We believe our success in delivering an integrated service to the fragmented European market positions us well to service different countries in Asia. For Aberdeen Asset Management in Asia, we will be bringing the best of our global platforms and expertise, whilst leveraging the best of local talents and infrastructure in Asia. The closer, the better is our slogan, but it also accurately describes how we do business.