BNP Paribas Securities Services has won a €180bn pan-European mandate from the Generali Group.
As part of this mandate, BNP Paribas Securities Services will provide global custody services for Generali’s €130bn portfolio of direct insurance assets held in Europe.
In addition, the bank will provide fund administration and depositary banking services for Generali’s funds in France, Germany, Italy and Luxembourg, which have assets totalling €50bn.
BNP Paribas Securities Services’ custody network covers over 100 markets and it recently expanded its depositary banking business, one of the largest in Europe, to help its clients comply with the Alternative Investment Fund Managers Directive (AIFMD) and Ucits requirements.
Dominique Clair, chief operating officer of Generali Investments Europe, the main asset manager of the Generali Group, 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.”
The Generali Group is one of the largest global insurance providers with 2013 total premium income of €66bn.
With 77,000 employees worldwide serving 65 million clients in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia.