BNP Paribas Wins 16 Colombian Custody Mandates

BNP Paribas Securities Services has implemented new custody mandates for 16 asset managers in Colombia, managing 119 funds with around $3 billion in assets under management.

The asset managers are a mix of local, regional and global players, which together have a 20% market share of the Colombian asset management industry.

The mandate wins follow a change in the law in Colombia requiring local mutual funds to appoint third-party custodians, in order to increase asset safety and investor protection.

“These new requirements represent a major step for the Colombian finance industry,” said Claudia Calderon, head of BNP Paribas Securities Services Colombia. “Our position as one of the world’s largest custodian banks combined with our expertise in regulatory compliance and focus on asset safety helped us secure these mandates and we are delighted to be working with our new clients.”