BNP Paribas Securities Services’ Institutional Investor Services business in Frankfurt has been awarded a global custody and Depotbank mandate by Degussa Pensionskasse. Dresdner Bank Investment Management in Frankfurt will act as Master KAG. BNP Paribas Securities Services will also provide performance measurement analysis on a daily basis.
BNP Paribas has now won seven German pension mandates in 2003, totalling Ђ12 billion in assets under administration. The French bank, which is better known for clearing and fund administration services than for custody, says Germany is now its most important pension fund market.
“We are pleased to be mandated by Degussa Pensionskasse, as their comprehensive Performance Measurement and Risk Analysis requirements fit perfectly with our capabilities,” says Ingo Biermann, Head of Sales and Relationship Management at BNP Paribas in Germany. “This new appointment underscores the strength of our service offer, built around our commitment to the German market in general and pension funds in particular.’
Degussa Pensionskasse is the pension fund of Germany’s third largest chemical company.
BNP Paribas Securities Services Frankfurt has over 150 staff handing Ђ150 billion of assets under custody.