Mapfre Inversion, the securities division of Spanish insurer Mapfre, has chosen BNP Paribas Securities Services as global custodian for its €60 billion portfolio of assets.
Before selecting BNP Paribas SS, Mapfre Inversion previously delegated its custody operations to a number of different providers. But following an internal review, the firm decided to centralise its custody provisions to a single provider.
“This decision will allow the company to reduce costs and allocate additional resources to its core activity,” said Mapfre Inversion in a statement.
The firm added that among other advantages, the move to a single custodian will free up resources in its core business, “simplify balancing items” and generate cost savings.
According to the firm, the changes reflect both Mapfre’s global management approach and the group’s strategic plan. This includes developing its asset management business, which now has a team of 150 investment specialists spread across 26 countries. The group’s asset management arm recently launched a Luxembourg fund.
BNP Paribas SS has over $9 trillion (€8.5 trillion) in assets under custody.
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