BNP Paribas Trust Services Singapore Limited, the subsidiary of BNP Paribas Securities Services in Singapore, has successfully mandated its first clients in the region. This follows BNP Paribas’ approval from the Monetary Authority of Singapore for a Trustee license, allowing them to act as trustee for collective investment schemes as well as the Capital Market Services license, enabling it to provide custodian services for securities. This success in South East Asia is a key win for BNP Paribas, completing its service offering capability on the ground in all major global time zones and regions.
This strategic expansion into Asia enables BNP Paribas’ fund administration and custody business line to support the local fund management industry as well as comprehensively servicing global asset managers in multiple locations. The activity in Asia will fully leverage BNP Paribas Group’s strong and long-standing presence in the Asian region.
BNP Paribas’ securities services team in Singapore combines local knowledge with global expertise. Marcel Weicker, head of location has spent the last 12 years of his 37 year banking career in Singapore. He and his senior management team have a combined 50 years experience in the investment fund industry.
This is a big step forward in the development of the BNP Paribas Securities Services franchise in Asia. We are happy to have secured the first mandates, which for a new set-up, can be the most difficult to attain and we are confident that they will lead to further business expansion going forward, says Jean-Marc Pasquet, head of Asia Pacific, BNP Paribas Securities Services.
With this milestone, we will be able to provide potential clients with service quality references from existing clients, which demonstrate that they will be working with the custody bank with the world’s best credit rating, delivering world-class solutions for their asset servicing requirements across Asia, says Weicker.