BNP Paribas (BP2S) has migrated the majority of Banco Popolare di Milanos (BPM) depo bank business. BNP Paribas bought the Italian business in April 2010 for 55 million.
BPMs subsidiaries, ANIMA and Akros Alternative funds, amounting to 41 funds and 13.3 billion of assets, have been transferred to the BP2S platform.
In April, BPMs depo business amounted to approximately 20.3 billion, with around 19.1 billion in long-only funds and the remainder in real estate and hedge funds.
Alessandro Gioffreda, head of BP2S Milan commented: “This marks the smooth migration of the first and most complex phase of the integration process, which was accomplished on schedule. It represents a major achievement and demonstrates the strength of our global operating model and the commitment of our team.