BNP Paribas Wins Custody Mandate from Latin American Fund

BNP Paribas Securities Services has won a custody mandate and onboarded the assets of a $7 billion Qualifying Investor Fund (QIF) from asset management firm BB Gestão de Recursos DTVM.

In addition to global custody, BNP Paribas will provide fund administration and depository services for the firm, which is a wholly-owned subsidiary of Banco do Brasil. The fund is invested in multiple asset classes and has placed a high priority on expansion in Europe and Asia.

“We were looking for an efficient, responsive service provider who would help us develop business opportunities. BNP Paribas offered us the solution that best fits our needs both from an investment and distribution perspective. They also had a very good understanding of the regulatory landscape governing international fund distribution,” says Carlos Massaru, chief executive officer, Banco do Brasil Asset Management.

The mandate extends Paris-based BNP Paribas’ growing influence in Latin America. Over the last year and a half, the bank has opened sales offices in Colombia and Chile, and the bank has extended its sub-custody network, opening as a local custodian in Brazil and most recently Colombia.

“We are delighted to be working with Banco do Brasil to help support the development strategy of their asset management business. This is a fantastic example of how we can help our clients—which are increasingly less domestic and more globally diversified—expand their business through our global footprint, on-the-ground expertise and strong cross-border distribution capabilities,” says Alvaro Camuñas, head of BNP Paribas Securities Services Spain, Portugal and Latin America.