BNP Paribas wins NZ mandate
Tuesday, 18 November 2008 12:35pm
BNP Paribas has won a custodial mandate with New Zealand's second largest community trust, the $500 million Canterbury Community Trust.
The trust appointed BNP Paribas as master custodian of its invested funds.
Trust chairperson Barry Dent said that BNP Paribas would bring all of their managed fund assets - which totals over $500 million in assets from the Canterbury, Nelson, Marlborough and Chatham Island communities - under the control of a custodian for the first time.
Dent also claimed the deal would see the "best reporting systems" made available to both the staff and the Trustees of the Community Trust using up-to-date technology".
"In the current economic climate, investors need assurance that their assets are secure and that their transactions and reports are accurate," said Jean-Marc Pasquet, managing director and head of Asia Pacific for BNP Paribas Securities Services.
"The BNP Paribas Securities Services business model …allows us to clearly understand the needs of the 85 markets around the world in which we operate and provide globally recognised and validated solutions for our clients," he said.
The appointment adds to a successful period for the BNP Paribas New Zealand branch, which has grown its client base by 25 percent in 2008.
Ruth Liew
