BNP Paribas Securities Services, a global custodian with nearly US$8 trillion in assets under custody, has expanded its depositary banking business to the Swiss market.

This expansion will allow the firm’s asset managers and asset owner clients with funds domiciled in Switzerland to benefit from the banks’ established, pan-European expertise in depositary services including cash monitoring, oversight and safekeeping of assets, as well as from its strength and stability.

The move follows the expansion of the bank’s depositary network in the UK and the Netherlands in the recent months.

BNP Paribas depositary sector with around €900 billion in assets under depositary currently spans across 12 funds domiciled in Europe, along with three in Asia Pacific.

Garrick Smith, head of BNP Paribas Securities Services Switzerland, said: "This new expansion is the result of an increasing desire from our clients to consolidate their operational services, including depotbank and custody services, in Switzerland."

According to the Alternative Investment Fund Managers Directive (AIFMD), which came into effect in July 2013, all non-UCITS and alternative investment funds in Europe should appoint a depositary bank to provide safekeeping, cash monitoring, and oversight of assets.

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The firm has also acquired the depositary arm of Commerzbank in November last year.