BNP Paribas Securities Services says its Madrid operation has been chosen to support CM Capital Markets Bolsa, a Spanish IFA poised to launch an electronic fund distribution platform – or fund supermarket.
The new platform will provide access to more than 11,000 funds offered by over 100 domestic and international fund managers. It will serve institutional customers only.
CM Capital Markets Bolsa and BNP Paribas Securities Services Madrid have signed a fund distribution support agreement which Paribas says will allow CM to process fund transactions using services designed specifically to cater for the needs of domestic distributors, such as private banks and fund supermarkets.
The French bank adds that the agreement is the latest in a series of business wins by its Madrid operation, and that changes in the Spanish funds markets will lead to further deals. BNP Paribas Securities Services has added eight foreign fund managers to its list of transfer agency clients in Spain in the first half of this year.
In all, BNPPSS Madrid has secured 13 mandates from new clients since January, though they cover global custody and depository bank services as well as fund distribution support and transfer agency.