BNP Paribas Securities Services India wins custody mandate from Canadian asset manager

Canadian investment manager with $118 billion assets under management appoints BNP Paribas in India for custody clearing and settlement services.

By Jonathan Watkins

BNP Paribas Securities Services has been appointed by Canada’s Alberta Investment Management Corporation (AIMco) to provide custody, clearing and settlement services for its recent investment into India. 

AIMCo is among a number of international investors to commit to India’s first renewable energy infrastructure investment trust, Virescent Renewable Energy Trust (VRET). 

The mandate will see BNP Paribas Securities Services support AIMCo’s ability to access the fast-growing Indian market through a range of local custody, clearing and settlement solutions, foreign exchange and banking services.

AIMCo is one of Canada’s largest institutional investment managers with $118 billion assets under management and responsible for the investments of pension, endowment and government funds in Alberta.

“AIMCo was looking for a banking partner who could help them to capture growth opportunities in India easily and efficiently,” said Akshay Thakurdesai, head of BNP Paribas Securities Services India. “This mandate highlights our expertise in providing a comprehensive banking service that combines market connectivity with local knowledge.” 

Thakurdesai took on the lead role for BNP Paribas’ Indian securities services business in 2020. The country is a key growth area for the French-headquartered bank and it faces both local and international competition for business.

In this year’s Global Custodian Agent Banks in Emerging Markets survey, BNP Paribas Securities Services India scored an overall result of 6.00, putting it ahead of the global market average by 25 basis points.