BNP Paribas Securities Services has migrated nine funds with an approximate value of €2.5 billion for Henderson Global Investors.
BNP Paribas will provide Henderson with custody, fund accounting, securities lending and foreign exchange services for the former Gartmore fund range. Further migrations are also planned for early 2013.
With these new arrangements, BNP Paribas will take custody of approximately €1 billion in Latin American assets, including a significant sum in Brazil.
This migration was not the first that BNP Paribas has handled on behalf of Henderson. In 2011, when Henderson acquired Gartmore, the bank played a role in integrating the middle-office activities across all Henderson funds on to the existing joint platform.
Prior to this, BNP Paribas managed the integration of 114 funds totalling £7.6 billion in assets when Henderson acquired New Star Asset Management in April 2009.
BNP Paribas was also appointed to in-source the collateral management around Henderson’s OTC derivatives activities and to extend its existing automated foreign exchange service across the manager’s entire portfolio, including funds that are held with other custodians.
James McAleenan, head of BNP Paribas Securities Services UK, Middle East and South Africa, said: “We’re very pleased with the outcome of this deal, which is the culmination of collective efforts across different areas within the business and across a number of markets.
“It reinforces our long-standing partnership with Henderson, which is key to maintaining the quality of service we provide to them, and is a building block for the upcoming projects planned for 2013.”
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