The Singapore-based bank will combine and align its custody and post-trade operations with the portfolio risk management and prime finance businesses.
The acquisition created a joint global treasury management solution, which has become a key area of modernisation for hedge funds.
BNP Paribas CEO Jean-Laurent Bonnafé says Deutsche Bank prime brokerage business transition is proceeding very swiftly, with restructuring costs expected to reach €100 million this year.
Takeover comes just weeks after GPP said it would shutter its prime brokerage business as profit margins were contracting.
Swaps trading/management and cash prime finance will be combined onto a single infrastructure with Nuvo Prime, as Societe Generale targets growth of business.
Global Custodian data analysed by Aite Group predicts prime brokerage revenues to soar in 2020, as banks face up to challenges in their service provision and business models.
The stalwart of Morgan Stanley's industry-leading prime brokerage business will retire after serving over 30 years with the US firm.
The mounting cost of regulation and capital requirements, coupled with the significant drop in new hedge fund launches, could pose an end to the mini-prime broker business.
The firm will begin an orderly wind-down of the business, which is anticipated to take up to 12 months to complete.
Citi merged its equities, prime brokerage and securities services businesses into one unit in July, with an aim to capture greater market share.