JP Morgan Asset Management (JPMAM) has appointed BNP Paribas Securities Services as depository bank and fund administrator for its first France-domiciled fund.
JPMAM has selected BNP Paribas to distribute funds in France with French institutional investors, according to Asset Servicing Times.
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The move, which is part of JPMAM’s development strategy in France, will allow the bank to support management companies in their international distribution.
The fund, which depends on BNP Paribas capacity, will offer overall solutions featuring local expertise and proven experience in risk management.
Jon Griffin, managing director of JPMAM (Europe) SARL said: "France is the first country where we have set up this passport, which was established by the UCITS IV directive, in order to offer our clients products constituted under local law featuring integrated management and a French custodian."
Karine Szenberg, managing director of JPMAM in France, said: "We obtained AMF approval for a first fund constituted under French law and managed on the basis of this model for an institutional client and we can now offer tailored services to other clients, both institutional and distributors."
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By GlobalDataJean-Marc Pasquet, head of France and Belgium at BNP Paribas Securities Services, said: "In international distribution, our range of solutions is broad enough to offer solutions tailored to the particular needs of each of our clients."
