BNP Paribas Securities Services, a global custodian with USD 9 trillion in assets under custody, has successfully implemented new custody mandates for 16 asset managers in Colombia.
As part of these mandates, BNP Paribas Securities Services is responsible for asset safekeeping and investment compliance for 119 funds totalling USD3 billion in assets under management. The asset managers are a mix of local, regional and global players, which together have a 20 per cent market share of the Colombian asset management industry.
The mandate wins follow a change in the law in Colombia requiring local mutual funds to appoint third party custodians in order to increase asset safety and investor protection in the market. BNP Paribas Securities Services completed the onboarding of the funds on September 3rd 2015, as per the regulatory timeframe set by the Colombian Ministry of Finance.
“These new requirements represent a major step for the Colombian finance industry,” says Claudia Calderon (pictured), Head of BNP Paribas Securities Services Colombia. “Our position as one of the world’s largest custodian banks combined with our expertise in regulatory compliance and focus on asset safety helped us secure these mandates and we are delighted to be working with our new clients.”