BNP Paribas closes Janus Henderson US mutual fund deal

BNP Paribas has opened the doors to its mutual fund administration business with the completion of Janus Henderson deal.

By Joe Parsons

BNP Paribas has finalised its middle and back-office outsourcing deal for Janus Henderson’s mutual funds, marking a major achievement in its US expansion plans.

The closing of the deal marks the go-live for BNP Paribas’s mutual fund administration business, becoming the first European bank to service US mutual funds.

Janus Henderson’s mutual funds represents $138 billion in assets, and more than 100 Janus Henderson employees have transitioned to BNP Paribas to administer them.

“As we continue to build out our US business, we will be able to offer the market an integrated middle-to-back office platform, offering ’40 Act fund accounting, fund administration and custody,” said Claudine Gallagher, head of the Americas, BNP Paribas Securities Services.

BNP Paribas has been a long-time outsourcing partner with Janus Henderson, after expanding its custody and fund administration services for the asset manager’s Singapore-domiciled funds in June.

Expanding in the US market has been a major goal for BNP Paribas over the last five to 10 years, mainly providing sub-custody and hedge fund administration services to European and Asian asset managers with a US subsidiary.