A.s.r. Netherlands and a.s.r. Netherlands Real Estate Investment has mandated BNP Paribas Securities Services for a suite of services including depositary banking, global custody and fund administration.
The mandate places over €7 billion of a.s.r.’s assets, which fall under the Alternative Investment Fund Managers Directive (AIFMD), into the depositary function of BNP Paribas Netherlands and Luxembourg.
This cross-border mandate shows continuing success in depositary banking across Europe in response to the AIFMD.
Marco Homburg, head of asset managers and asset owners at BNP Paribas Securities Services, Amsterdam, said: “We are very pleased to have won this mandate from a.s.r. They are a very important name in the Dutch real estate and insurance industry, and we look forward to a very valuable relationship with them.”
Under the AIFMD, which came into effect on 22 July 2014, non-UCITS funds in Europe must appoint a depositary bank for cash monitoring, oversight and safekeeping of assets.
“AIFMD has allowed us to work closer than ever with clients and prospects. We are able to bring our expertise to bear and work by their side to help manage their transition to the regime across various jurisdictions, investment strategies and asset classes, as part of a comprehensive global custody offering.”
