BNP Paribas to provide KIID for Luxembourg asset manager
Luxembourg asset manager Duemme International Luxembourg has selected BNP Paribas Securities Services to produce its Key Investor Information Document (KIID), a legal Ucits IV requirement since July 1 2011.
Duemme selected BNP Paribas Securities Services to produce the document for its Société d’Investissement à Capital Variable (Sicav) fund from the first quarter of 2012.
The KIID is a legal Ucits IV requirement for investment companies selling funds within the EU. Fund managers must produce a two-page information document in an easily comprehensible, non-technical style, written in the local language of each country in which the fund is sold by July 2012.
Following a competitive tender process, Duemme chose BNP Paribas Securities Services’ solution due to the bank’s overall reputation as a provider of reporting and risk analysis solutions, a statement issued by the bank said.
Margaret Harwood-Jones, head of client segments – asset managers & alternatives at BNP Paribas Securities Services, argued that by handling the KIID requirements, the bank could help asset managers concentrate on their core business.
“Asset managers are facing an increasingly complex regulatory landscape, balanced with the ever-present need for a safe-haven in which to keep their assets…With this critical business function now under our responsibility, [Duemme] can focus on their core business of managing their clients’ assets,” Harwood-Jones said.
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group providing post-trade administration solutions to buy-side and sell-side financial institutions and issuers. It has nearly $7bn of assets under custody and administers over 6,600 funds as at 30 June 2011.
Duemme International Luxembourg is part of Banca Esperia, a Milanese banking group specializing in private banking services for private clients and institutions. Duemme’s main activities involve managing Sicav and specialized investment funds as well as segregated accounts.