Alessandro Gioffreda has been a principal figure in building out the BNP Paribas Securities Services business in Europe. In the 14 years he ran the Italy, Switzerland and Mediterranean Basin business, and now with more than four years as head of Continental Europe, Gioffreda has significantly helped the bank grow its European assets under custody to over €11 trillion.
One of the crowning client mandates for Gioffreda came in 2014 when Italy-based Generali Group selected BNP Paribas as the custodian for its €180 billion of assets. At the end of last year, BNP Paribas was also successful in retaining AXA Group and its €757 billion of assets, as a global custody client. The mandate covers seven European markets, including France, Germany, Ireland, Italy, Luxembourg, Spain and Switzerland.
Some of his most notable accomplishments with the French bank included helping the Italian banks get ready for the first wave of TARGET2 Securities, the pan-European settlement platform, in the summer of 2015. He also oversaw its 2012 acquisition of a fund accounting business from Anima, an independent Italian asset manager, as well as the takeover of the depositary banking business of Italy’s third largest bank, Banco BPM SpA, in 2018 for €200 million.
As head of Continental Europe, Gioffreda has overseen the rollout of a range of new technologies and services to many of its core markets, such as France, Italy and Germany. Among these was the launch of an automated inventory management solution, designed to automate the transfer of securities between different markets.
At the beginning of 2020, BNP Paribas announced a reshuffle of its senior European securities services leadership. Among the changes was the appointment of Gioffreda as head of territory management, covering all securities services regions for the French bank. His new role will include being responsible for the custodian’s regional structure, and ensuring market and client proximity.