BNP Paribas Securities Services has won a 180 billion pan-European custody mandate from the Generali Group.
The mandate will allow BNP Paribas Securities to provide fund administration and depositary banking services for Generali’s funds in France, Germany, Italy and Luxembourg, which have assets totaling 50 billion.
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Additionally, BNP Paribas Securities will offer global custody services for Generali’s 130 billion portfolio of direct insurance assets held in Europe.
The move comes as part of restructuring of Generali’s asset management operations.
Dominique Clair, COO of Generali Investments Europe, said: "Following a competitive process, we are very pleased to have chosen BNP Paribas Securities Services as our partner. Their excellent track record and in-depth local expertise will be much valued as we continue to centralize and upgrade our processes."
Patrick Colle, general manager of BNP Paribas Securities Services, said: "Generali will benefit from our global footprint and local expertise as they continue to pursue operational excellence and expand their capabilities."
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By GlobalDataIn 2013, the Generali Group has reported total premium income of 66 billion.
