BNP Paribas Securities Services has been awarded a €180 billion pan-European mandate from the Generali Group.
As part of the mandate, BNP Paribas Securities will provide global custody services for Generali’s €130 billion portfolio of direct insurance assets held in Europe.
BNP Paribas Securities will also provide fund administration and depositary banking services for Generali’s funds in France, Germany, Italy and Luxembourg, which have assets totalling €50 billion.
Dominique Clair, COO of Generali Investments Europe, said: “The appointment of a global custodian is an important step in the restructuring of our asset management operations.”
“Following a competitive process, we are very pleased to have chosen BNP Paribas Securities Services as our partner. Their excellent track record and in-depth local expertise will be much valued as we continue to centralise and upgrade our processes.”
Patrick Colle, general manager of BNP Paribas Securities Services, said: “This is a prestigious mandate, which consolidates our position as one of the top custody and depositary banks for insurance companies and asset owners.”
“Generali will benefit from our global footprint and local expertise as they continue to pursue operational excellence and expand their capabilities. We are delighted to be working with such a world-class institution and look forward to further cooperation.”
