BNP Paribas Securities Services has announced that Aberdeen Asset Management (AAM) has signed an agreement committing to its use of BNP Paribas’ back-office outsourcing services for an additional seven years.
The agreement means that in addition to servicing AAM’s existing business, BNP Paribas also will gain new business with the transfer of AAM’s Dundee operation, which was acquired last year, to BNP Paribas Securities Services. BNP Paribas Securities Services will service the global requirements of AAM across multiple time-zones and provide global custody services.
“We are extremely pleased to renew and extend our relationship with BNP Paribas Securities Services,” commented Andrew Laing, Chief Operating Officer at AAM. “Since first outsourcing to Cogent in 1997, we have extended the relationship steadily. We believe that BNP Paribas Securities Services is the partner to service us over the coming years.”
Nick Kirk, Head of BNP Paribas’ investor services business in the UK added: ‘We are delighted that AAM has reaffirmed its commitment to BNP Paribas Securities Services. AAM has been one of our most important clients over the last 5 years, working with us to develop our geographic coverage and the functionality of our products. This has been a true partnership and will now continue into the next decade. We are also pleased to be gaining the expertise of the staff in Dundee and look forward to integrating the Dundee operation into our UK business.’