BNP Paribas Securities Services (BNP2S) has updated its administration platform for private equity and real estate funds. The new service has implemented a dedicated platform for funds domiciled both on and offshore, including those with entities in multiple jurisdictions.
Speaking to GlobalCustodian.com, Maria Cantillon, head of alternative investment managers, BNP Paribas Securities Services says: In the last two years we have seen an increased demand for Luxembourg domiciled real estate structures. We also saw that people who liked the Jersey domicile for private equity and real estate structures also liked to have the underlying corporate structures based in Luxembourg.
BNP2S is the second largest employer in Luxembourg for securities services. BNP2Ss private equity assets under administration have grown from $16 billion in 2006 up to $40 billion.
BNP2S has also won $5 billion of new private equity and real estate business in 2010.
Cantillon admits the next stage is to market BNP2Ss private equity and real estate capabilities. We are pretty unique in the market. A lot of the private equity and real estate structures are serviced by a lot of independent administrators that specialise in the area. To come in as a global custodian that has a presence in both the Channel Islands and Luxembourg in particular there are not many end to end providers who can actually do this.