BNP Asia Pac transition complete
Monday, 22 March 2010 12:25pm
BNP Paribas Securities Services has completed the final migration of all its global custody assets in-house onto a single Asia Pacific platform.
Clients are now serviced from this platform, and are getting access to continuous linked settlement for foreign exchange transactions, better reporting and access to a "follow-the-sun" model made possible by client windows in the US and Europe to complement the Sydney-based service teams.
The program was piloted in May 2009, with the first group of client accounts migrated in September 2009.
With the project now complete, approximately 30 clients, around 250 portfolios, over 15,000 securities and almost $30 billion in assets have been successfully migrated.
Speaking of his company's experience, Peter Sipek, head of operations, AMP Capital Investors Limited said, "AMP Capital undertook due diligence on BNP Paribas Securities Services' offer prior to engaging them on the project.
"The project was delivered efficiently with a seamless transition," Sipek said in a statement.
Pierre Jond, head of Australia & New Zealand, BNP Paribas Securities Services said the new platform will be be supported by an increased Asian presence in local custody clearing as the firm trades in more markets in the region.
Company release
This story was found at: http://www.financialstandard.com.au/news/view/28354
Printed: Wednesday, 8 September 2010 6:24am