BNP Paribas Securities Services Wins New US Global Custody
BNP Paribas Securities Services Wins New US Global Custody Mandate
NEW YORK, NY -- (Marketwire) -- 10/24/12 -- BNP Paribas Securities Services (BNP Paribas) today announced that it has won a new mandate from Edgewood L Select (Edgewood), a Luxembourg-domiciled UCITS (Undertakings for Collective Investments in Transferrable Securities) fund, to provide global custody, fund administration, transfer agency and corporate domiciliation.
Edgewood employs a large-cap growth investment strategy. The fund had USD 730m already in custody at BNP Paribas as of 30 September 2012. Subsequent to the shareholder approval of the merger of Edgewood Management funds into Edgewood L Select, the total assets held at BNP Paribas will be USD 915m as at 5 October 2012.
Alexander Farman-Farmaian, chairman of Edgewood said: "We aim to deliver sustainable long-term performance by investing in high-quality growth companies, primarily based in the United States."
"As one of the largest administrators of UCITS funds with a heritage in strong client service, BNP Paribas was the stand-out contender," added Mr Farman-Farmaian.
Claudine Gallagher, who in February 2012 was appointed to lead the custodian's regional expansion in North America said: "We're obviously delighted to have won this mandate from Edgewood. This development builds on a well established relationship that we have developed with them and it is a great example of the value that we can offer."
The news follows a series of significant developments for BNP Paribas' custody business in North America. As well as Ms. Gallagher's appointment as regional manager, North America, the bank also announced that it would roll out local and global custody services in the United States over the next 12 months.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) has a presence in 80 countries with nearly 200,000 employees, including more than 150,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
About BNP Paribas Securities Services
BNP Paribas Securities Services (http://securities.bnpparibas.com/jahia/Jahia/site/portal), a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider backed by a strong universal bank. It provides integrated solutions to all participants in the investment cycle including the buy side, sell side, corporates and issuers.
The bank has a local presence in 34 countries across five continents, effecting global coverage of more than 100 markets. It partners with clients to help overcome complexity, while offering a one-stop shop for all asset classes, both onshore and offshore, around the world.
Key figures as at 30 June 2012: USD 6,366 billion of assets under custody; USD 1,187 billion of assets under administration; more than 7,000 administered funds and 7,700 employees.
BNP Paribas Securities Services is a societe en commandite par actions (partnership limited by shares) incorporated in France, with limited partners with limited liability and one general partner with unlimited liability, with its registered office at 3, rue d'Antin - 75002 PARIS - Paris Trade Register B552 108 011 RCS.
BNP Paribas Securities Services is authorised and supervised by the Autorite de Controle Prudentiel (ACP) and by the Autorite des Marches Financiers (AMF). BNP Paribas Securities Services London branch is authorised by and subject to limited regulation by the Financial Services Authority for the conduct of its investment business in the United Kingdom; details on the extent of our regulation by the Financial Services Authority are available from us on request. BNP Paribas Securities Services London Branch is also a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited and Investment Fund Services Limited are authorised and regulated by the Financial Services Authority.BNP Paribas Securities Services, London Branch is registered in England and Wales under No. FC023666.
The services described in this document, if offered in the U.S., are offered through BNP Paribas and its subsidiaries and affiliates. Securities products are offered through BNP Paribas Securities Corp., a subsidiary of BNP Paribas, a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC, the Financial Industry Regulatory Authority, the New York Stock Exchange and other principal exchanges.
Cesaltine Gregorio BNP Paribas US Media Relations + 1 212 841 3719 Cesaltine.firstname.lastname@example.org
Andrew Achimu BNP Paribas Securities Services Press Office + 44 207 410 2717 Andrew.email@example.com
Julia Boyce BNP Paribas Group Press Office + 33 1 43 16 82 04 Julia.firstname.lastname@example.org