BNP Paribas Securities Services in Germany has started migrating funds after it completed the contractual closing of the acquisition of Commerzbank Depotbank business on October 31.
In July, BNP Paribas Securities Services signed the acquisition of the Depotbank business of Commerzbank.
Three-quarters of the Commerzbank employees have agreed to join BNP Paribas Securities Services and will move to its premises in 2014, resulting in an overall headcount of the securities services business of 340 in Germany.
BNP Paribas Securities Services has more than €200 billion in assets under administration and says the deal strengthens its expertise in the Ucits segment and adds new services for real-estate funds.
At the end of April, the value of the assets serviced by Commerzbank related to this business represented €84 billion, of which €47 billion was invested in institutional funds, €25 billion in Ucits funds and 12 billion in open-ended real estate funds.
©2013 funds europe
