BNP Paribas, appointed by Henderson Group as exclusive service provider for Henderson Global Investors, has begun integrating the assets acquired by Henderson from New Star Asset Management.
Henderson acquired New Star Asset Management in April this year to create Henderson New Star, its UK retail business, which offers investors equities, fixed income, multi-manager, commercial property and sustainable and responsible investments.
The integration of the middle office, which involved GBP 7.6 billion in assets across 114 funds, including retail funds and institutional mandates, is already finalised, completed in five weeks. Work is now in hand to onboard the fund accounting and related banking services mandates for these New Star assets.
Andrew Formica, Chief Executive of Henderson Group added: “As we look to grow our business both organically and through acquisition it was imperative that we found a service provider that was able to act as a partner as well as a provider to help us achieve this. By facilitating and managing New Stars integration, BNP Paribas has proved that it has all the necessary components to partner with us in our continued growth and development ambitions.
Patrick Colle, Head of BNP Paribas Securities Services in the UK added: “We are delighted to have successfully supported Henderson in this strategic transaction. The New Star integration marks a new key step in our partnership with Henderson and our asset servicing strategy in the UK.