BNP Paribas Securities Services has won a €180 billion mandate from Italy-based Generali Group.
The Generali Group, one of the world’s largest insurance companies, manages €50 billion worth of funds in France, Germany, Italy and Luxembourg, all of which will now receive fund administration and depository banking services from BNP Paribas Securities Services. In addition, the bank will now be responsible for Generali’s EUR 130 billion portfolio of direct insurance assets held in Europe.
To help with the process of appointing a custodian, the asset manager employed the services of London-based consultancy Thomas Murray IDS.
“The appointment of a global custodian is an important step in the restructuring of our asset management operations. Following a competitive process, we are very pleased to have chosen BNP Paribas Securities Services as our partner,” says Dominique Clair, Generali’s Chief Operating Officer.
Generali Awards BNP Paribas Securities Services €180 Billion Mandate
BNP Paribas Securities Services has won a €180 billion mandate from Italy-based Generali Group.