BNP Paribas Fund Services – the fund administration arm of BNP Paribas Securities Services – has taken on the fund administration functions of BNP Paribas Gestin de Inversiones, the Spanish fund management arm of BNP Paribas Asset Management (BNP PAM).
BNP Paribas Securities Services is also acting as central transfer agent for BNP PAM Spanish Funds, while continuing to act as local transfer agent for the Spanish distributors of PARVEST funds.
This new deal follows a similar move in France announced recently. BNP Paribas argues that it reinforces the outsourcing trend now starting in continental Europe. “This outsourcing transaction is one of the very first of its kind in Spain and reflects our commitment to innovation,” says Alvaro Camunas, General Manager of BNP Paribas Securities Services in Spain. “It also underlines our strategy to build a strong local presence in Spain, close to the market and to our clients, while leveraging the global resources of our Fund Administration capabilities.”
For Javier Nunez, Managing Director of BNP Paribas Gestion de Inversiones, the outsourcing of fund administration tasks “enables us to focus on our asset management strengths and facilitates the development of new products and services, to the ultimate benefit of our clients.”
In Spain, BNP Paribas Securities Services reckons it is now the main foreign provider of outsourcing services for funds.