BNP Paribas Securities Services has been appointed fund administrator for the first fixed income exchange traded fund (ETF) domiciled in Brazil.
With the launch of the Mirae Asset Fixed Income Fund on the Brazilian Stock Exchange B3 on 10 September, BNP Paribas now serves as the fund administrator and custodian for the fund’s approximately BRL 60 million ($14 million) in assets.
BNP Paribas was also instrumental in structuring B3 in the Brazilian market.
BNP Paribas is already servicing ETFs in Brazil, currently providing fund administration and custodial services in equity ETF assets—approximately 64 percent of the equity ETF market in Brazil.
BNP Paribas launched securities services in Brazil in 2010, offering custody of assets for foreign and domestic investors, as well as administration and custody of local funds.
Brazil is one of 27 countries within BNP Paribas’ expanding proprietary custody network.
Andrea Cattaneo, head of Brazil for BNP Paribas Securities Services, said: “With this new launch, we are consolidating our leadership role in the Brazilian ETF market, both in terms of volumes and sophistication in the product range we can serve.”
She added: “We are proud to have the opportunity to help develop the ETF market in Brazil, which ultimately benefits investors with cost-effective and more transparent investment options.”
