BNP Paribas Securities Services has migrated all global custody assets in-house onto a single Asia Pacific platform.
The bank has been making moves in the Asia region in an attempt to pry market share way from Citi, HSBC and Standard Chartered. Speaking to GC.com, Pierre-Alexandre Thom, head of BNP Paribas Securities Services in Mumbai said BNP Paribas Securities Services will launch local custody services in India by June 2010.
The new platform includes access to CLS (Continuous Linked Settlement) for foreign exchange transactions and enhanced reporting.
Peter Sipek, Head of Operations, AMP Capital Investors Limited said AMP Capital undertook due diligence on BNP Paribas Securities Services’ offer prior to engaging them on the project. We were pleased with the quality of the BNP Paribas team and the control infrastructure supporting the project. The project was delivered efficiently with a seamless transition.
The program was piloted in May 2009, with the first group of client accounts migrated in September 2009. With the project now complete, approximately 30 clients, around 250 portfolios, over 15,000 securities and almost AUD30 billion in assets have been successfully migrated.