BNP Paribas secures €44 billion global custody mandate

The deal represents the latest major mandate for BNP Paribas, which has quickly become the fifth largest global custodian.

By Joe Parsons

BNP Paribas Securities Services has extended its custody relationship with asset manager Carmignac to cover all of its French fund products worth €44 billion in assets.

The mandate includes global custody, depositary banking and transfer agent services to Carmignac’s funds.

According to a statement from the bank, Carmignac selected BNP Paribas for its “international reach| and its “technology-driven approach to asset servicing.”

“This new mandate reflects the strength of our relationship with Carmignac. This partnership will allow Carmignac to improve operational efficiency and take advantage from our global model and technology-driven approach,” said Patrick Colle, general manager, BNP Paribas Securities Services.

BNP Paribas replaces CACEIS as the asset servicing provider for the funds, and extends its existing relationship with Carmignac, currently serving as the custodian for its Luxembourg-based fund range.

Thanks to a series of high profile deals, BNP Paribas has quickly emerged as the fifth largest global custodian with assets under custody (AuC) reaching €9.4 trillion, up 9% year-on-year.

These deals include the $130 billion custody deal with Janus Henderson’s US mutual funds, and the outsourcing mandate with Spanish insurance provider MAPFRE Inversión for its €60 billion of assets.