BNP Paribas Securities Services is planning to expand its presence in Asia Pacific region to capitalise on the trend of asset manager’s expansion within the region.
Patrick Colle, CEO of BNP Paribas Securities Services told Asia Asset Management that the bank has been expanding its scope in the Asia Pacific region with the launch of local custodian operations in Hong Kong, Singapore, India and Australia in addition to the setup of new teams in China and Japan.
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"For example, the company has recently launched its securities lending desk in Hong Kong to complement the lending desk in Sydney," Colle was quoted as saying.
Currently, around US$260 billion of BNP Paribas Securities Services’ assets under custody are sourced from Asia Pacific. Australia is currently its largest market in the region in terms of revenue contributions but Asia is growing at momentous pace.
Colle said that firm this year has completed its regional middle and back office outsourcing project for Nikko Asset Management. Colle added that the bank is working hard to close the gap with the top players through organic business growth and targeted acquisition.
Additionally, Colle is considering Ucits global fund distributions and the RMB fund flows across Hong Kong, Singapore, London (and soon Paris) with China, as well as Islamic platforms in countries such as Malaysia, Singapore, and the Middle East as the major drivers of its business growth for the asset manager segment in the Asia Pacific.
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By GlobalData"We would see more mandates like this as an increasing number of asset management giants expand their businesses eastward. The company will definitely benefit from this trend with the wide array of unique services and solutions it can offer to its clients," Colle added.
