BNP Paribas Securities Services says its Frankfurt clearing and custody operation, which it acquired from JP Morgan in 1995, has secured four German pension fund mandates worth a total of over ?10 billion in the first six months of this year.
The biggest mandate was secured from Versorgungswerk des Bundes und der Laender (VBL), a public pension fund in Germany with over ?7 billion in assets for which BNP Paribas will act as global custodian and Universal Investment as Master KAG.
BNP Paribas has also entered a strategic partnership with BrainTrade – the Deutsche Borse/German Exchanges subsidiary that runs Investro, the subscription and settlement platform for mutual funds in Germany – to enable BrainTrade to extend the services offered by Investro to Luxembourg and Dublin-based mutual funds.
The partnership aims to provide fund managers with access to German fund distributors, cost reductions for distributors as the subscription and settlement process is integrated into the existing Investro platform, and cost reductions for fund promoters, by increasing STP rates.