Aberdeen Asset Management (AAM), the best-known of the UK fund management clients BNP Paribas Securities Services acquired along with the Cogent acquisition, has committed itself to use the French bank as its fund administration and custody outsourcing provider for a further seven years.
However, BNP Paribas says the new agreement includes new business – AAM’s new Dundee operation, acquired last year, will be transferred to BNP Paribas Securities Services as part of the deal.
“We are extremely pleased to renew and extend our relationship with BNP Paribas Securities Services,” says 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, describes AAM as “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.”