London/Zurich – the Bâloise Insurance Group (Bâloise), one of Europe’s leading insurers with CHF 65 billion of assets under management, has selected BNP Paribas Securities Services (BNP Paribas) to provide global custody and investment administration services in multiple locations across Europe.
This landmark transaction encompasses the pan-European asset-servicing requirements of 16 different Bâloise entities located in the firm’s home market of Switzerland as well as in Germany, Luxembourg and Belgium.
Under the arrangement, local Bâloise entities will benefit from a global custody service delivered locally in home markets and jurisdictions, meeting their needs in terms of on-the-ground operations and local client relationship management. And at the Group level, Bâloise will benefit from a single provider relationship, harmonised procedures, operational scale, and consolidated Headquarters reporting for all of Bâloise’s investment portfolios held across Europe.
In addition to global custody, BNP Paribas will also provide Bâloise with depotbank services plus a range of treasury and liquidity management solutions that include securities lending, cash management and foreign exchange.
This innovative transaction is unique in the European marketplace. It significantly reinforces BNP Paribas Securities Services’ global custody service offering across Europe and immediately positions the firm’s Zurich branch as one of the leading providers of global custody to Swiss institutional investors.
Commenting on the mandate, Dr. Marco Brück, Head of Operations, Bâloise Asset Management, said: “We were looking for a top global custodian with a real presence in the core markets of Bâloise, as well as flexibility, service quality and a relationship based on a true strategic partnership. BNP Paribas was able to meet our needs.”
Garrick Smith, Location Manager, BNP Paribas Securities Services Zurich, added: “We are thrilled to be appointed by the Bâloise group across Europe, and to service the Swiss entities of the group through our global custody operations in Zurich. This mandate underscores our conviction that our ‘the closer, the better’ approach in terms of local market expertise and service delivery offers a truly unique solution to our clients’ needs.”
Notes to editors
BNP Paribas Securities Services is a leading securities services provider to the world’s financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 4,200 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world’s top 10 investment managers, and a global custody network covering 90 markets. It holds EUR 3.43 trillion of assets under custody (Sept 2006) and EUR 570 billion of assets under administration for 4,500 funds world-wide. In 2005, BNP Paribas Securities Services processed over 27 million transactions and also provides performance, attribution and risk-measurement analysis for 2,500 investment portfolios.
Celeste Matta-Brown, Corporate Communications London
Tel: + 44 (0)20 7595 4653