French custodian BNP Paribas Securities Services has been mandated by German insurer Allianz to provide asset servicing for its UK funds.
The mandate covers a range of services including global custody, agency securities lending, auto foreign exchange, continuous linked settlement and cash services.
It also includes customised reporting via BNP Paribas’ NeoLink client platform.
BNP Paribas will also act as the sole custodian for all Allianz investment accounts in the UK.
The move will further the French firm’s ambition to be a “European global custodian of choice”, according to Arnaud Claudon, head of asset managers and asset owners’ client lines, securities services, BNP Paribas.
The mandate comes at a busy time for BNP Paribas’ securities services division.
Earlier this month, it announced the consolidation of its global client development and territory divisions under the responsibility of newly appointed Allesandro Gioffreda.
In recent days, the asset servicer also signed a deal with investor communications platform Proxymity to implement its proxy voting service in the UK as well as Australia and New Zealand.
