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BNP Paribas Securities Services has taken its first mandate in Singapore

Posted: 03 July 2008

BNP Paribas
Trust Services Singapore Limited, the subsidiary of BNP Paribas Securities
Services (‘BNP Paribas’) in Singapore,
announced that it has successfully mandated its first clients in the region.

This
follows BNP Paribas’ approval from the Monetary Authority of Singapore for a
Trustee licence, allowing them to act as trustee for collective investment
schemes as well as the Capital Market Services licence, enabling it to provide
custodian services for securities. This success in South
East Asia is a key win for BNP Paribas, completing its service
offering capability on the ground in all major global time zones and regions.
 

This expansion into Asia enables BNP
Paribas’ fund administration and custody business line to support the local
fund management industry as well as comprehensively servicing global asset
managers in multiple locations. The activity in Asia
will fully leverage BNP Paribas Group’s strong and long-standing presence in
the Asian region.

BNP Paribas’ securities services team in Singapore combines local knowledge
with global expertise. Marcel Weicker, head of location has spent the last 12
years of his 37 year banking career in Singapore. He and his senior
management team have a combined 50 years experience in the investment fund
industry.

Jean-Marc Pasquet, head BNP Paribas Securities Services Asia Pacific, based in Sydney, said: “This is a big step forward in the
development of the BNP Paribas Securities Services franchise in Asia. We are happy to have secured the first mandates,
which for a new set-up, can be the most difficult to attain and we are
confident that they will lead to further business expansion going forward.”

Marcel Weicker added: “With this milestone, we will be able to provide
potential clients with service quality references from existing clients, which
demonstrate that they will be working with the custody bank with the world’s
best credit rating, delivering world-class solutions for their asset servicing
requirements across Asia.”

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