BNP Paribas Securities Services (BNPPSS) says it has segregated its clients’ Ucits assets in a process lasting about four months.
The custody bank segregated the assets it holds under depositary for clients in France, Germany, Ireland, Italy, Luxembourg, the Netherlands and the UK, in order to comply with the Ucits V directive.
Segregation is meant to ensure client assets can be easily identified. BNPSS said it had opened dedicated accounts with external sub-custodians to book the assets.
Arnaud Claudon, global head of depositary and fiduciary services at the firm, said Ucits V is a “major compliance exercise which will enhance the Ucits brand and provide additional marketing opportunities for asset managers”.
Level II measures of the Ucits V directive are to be implemented in October 2016.
Last year, Funds Europe and RBC Investor & Treasury Services carried out an industry survey on Ucits V readiness.
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