BNP Paribas Securities Services (BNPPSS) has won a €44 billion custody and depositary mandate from the French asset management firm Carmignac.
Under the mandate, BNPPSS will provide Carmignac with global custody, depositary banking and transfer agent services covering its entire range of French fund products.
The previous provider was Caceis, the asset servicing bank owned by Credit Agricole.
A statement released by BNPPSS said it had been selected because of its “international reach, its global and multi-local expertise covering all asset classes, and its technology-driven approach to asset servicing”.
The mandate expands a long-standing relationship between Carmignac and BNPPSS, which already provides custody and depositary services to the “Carmignac Portfolio” fund range in Luxembourg.
BNPPSS had €9.4 trillion in assets under custody at the end of 2017, up 9.4% compared to 2016.
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