BNP Paribas Securities Services has agreed to provide fund administration services to asset manager DWS in Germany and Luxembourg.
Besides fund administration services, the agreement encompasses DWS’s retail funds with depositary and custody services.
Under the agreement, DWS will transfer its fund administration unit, primarily based in Germany, to BNP Paribas Securities Services.
“The mandate represents €240bn in assets”, BNP Paribas Securities Services said in a statement.
The transaction for the fund administration mandate and the transaction for the retail funds mandate are expected to close by the end of 2018 and 2019, respectively. Both the transactions are subject to regulatory approvals.
BNP Paribas Securities Services general manager Patrick Colle said: “We are delighted to partner with DWS on this important mandate, which will enable us to expand our franchise in Germany and Luxembourg and marks an important milestone in the development of our global funds business.”
According to BNP Paribas Securities Services, its selection was based on its knowledge on local markets and ability to deploy technology-driven approach for asset servicing.
DWS COO Jon Eilbeck said: “Transferring services, such as fund administration, to outside vendors is part of an overall programme to improve the way we operate and service our clients in an efficient and high quality manner as we continue our measures to manage our cost base.”