BNP Paribas has been appointed to provide global custody services to Caisse de depot, France’s public sector pension fund.
The mandate, awarded to the custodian in April, is estimated at between 300 billion and 350 billion as reported by local news outlet LAgefi.
The mandate was outlined as part of a good sales drive by the bank in the second quarter of 2012. The assets will migrate and begin to contribute to revenues in 2013. In results reported by the parent bank today, BNP Paribas Securities Services’s revenue was up 5% during the first half of the year, compared to the first half of 2011. Assets under custody were up 4.7% and assets under administration were up 9.4%.
BNP Paribas made specific mention of the securities services and insurance divisions as contributing significantly to the bank’s good results in a challenging environment. Group revenues were 10,098 million euros, down 8.0% compared to the second quarter 2011 and net income fell 13.2% versus the previous corresponding period.
(JDC)