Avance Advisors A.V. (Avance), the brokerage entity of the Sinergia Advisors Group, has delegated its back-office and part of its middle-office operations to BNP Paribas Securities Services in Madrid.
BNP Paribas will manage the execution, settlement and custody of Avance’s investments in international funds, as well as handling the administrative part of its private clients’ investment portfolios, i.e. capital gains, tax information, regulatory reporting, etc.
Avance Advisors A.V. is a financial entity, independent of any asset management company, which specializes in advising private clients about UCITs.
The outsourcing of these functions to BNP Paribas will allow Avance to concentrate on its core competencies, while also enabling the firm to gain capacity for supporting its growth, to switch its fixed costs into variable costs, and to benefit from the sound expertise of a leading global securities services provider.
“This new mandate from Avance further strengthens our local presence in Spain, and gives us more visibility as an ‘outsourcing’ player,” said Alvaro Camunas, General Manager of BNP Paribas Securities Services in Madrid. “We hope that the functionality and quality of BNP Paribas’ service will help Avance develop its business in future years.”