News by sections
ESG

News by region
Issue archives
Archive section
Multimedia
Videos
Search site
Features
Interviews
Country profiles
Generic business image for news article Image: Shutterstock

16 September 2015
Bogotá
Reporter Drew Nicol

Share this article





BNP Paribas takes on fifth of Colombian asset managers

BNP Paribas Securities Services has successfully implemented new custody mandates for 16 Colombian asset managers.

The global custodian, which boasts a total of $9 trillion in assets under custody, will take on $3 billion in assets under management for 119 funds.

The asset managers are a mix of local, regional and global players, which together have a 20 percent market share of the Colombian asset management industry.

The new mandate follows a change in Colombian law requiring local mutual funds to appoint third-party custodians in order to increase asset safety and investor protection in the market.

Onboarding of the funds was completed on 3 September, in line with the regulatory timeframe set by the Colombian Ministry of Finance.

“These new requirements represent a major step for the Colombian finance industry,” said Claudia Calderon, head of BNP Paribas Securities Services Colombia.

Advertisement
Get in touch
News
More sections
Black Knight Media