BNP Paribas Securities Services restructures European leadership
The moves come in response to the French bank appointing a new head of its US investment banking business.
The moves come in response to the French bank appointing a new head of its US investment banking business.
Even though the Capital Markets Union (CMU) has had a somewhat lethargic start, a new EU leadership could galvanise the process once again.
As part of the five-year partnership, BNP Paribas will continue to provide AXA with global custody, depositary bank, and transfer agency across Europe.
State Street has appointed Jordao to lead its Global Services business in France and further enhance the branch's strategy.
JP Morgan has spent the last year implementing a new look to its global agency securities lending team.
The subsidiary will offer independent banking, depositary and custody services to institutional investors and asset managers
Relationship represents over $10 billion in assets and comes seven years after BNP Paribas Securities Services embarked on its US growth strategy.
The new offering will expand US Bank’s range of UCITS fund clients in Europe and enable it to compete with established European fund administrators.
The laissez-faire approach to UCITS principles has riled market regulators following the recent saga with Neil Woodford's flagship fund, which could have long-term consequences on the funds industry.