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La Mutuelle Générale awards custody mandate to BNP Paribas Securities Services

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La Mutuelle Générale, one of France’s largest mutual insurance providers, has appointed BNP Paribas Securities Services for custody of its EUR2bn portfolio.

BNP Paribas will also provide fund administration, risk management and performance analysis services and will be responsible for La Mutuelle Générale’s institutional accounting.
 
Paris-based La Mutuelle Générale provides life and health insurance to 1.3 million French individuals and ranks as number three among France’s mutual insurance companies.
 
BNP Paribas will provide La Mutuelle Générale with high-end reporting and analysis for its investment portfolio via the custodian’s Data Navigation and Analysis (DNA) service. This will allow BNP Paribas to assist the company in meeting its requirements under Solvency II, which is scheduled to come into effect at the beginning of 2016.
 
The new regulation affects capital adequacy requirements as well as risk management techniques for European insurance companies.
 
Christophe Harrigan, financial director of La Mutuelle Générale, says: “Our objective was to partner with a single custodian for our entire portfolio. We chose BNP Paribas as its DNA offering appeared to us as the most innovative in the market, with a unique method of interactive reporting. This software provides sophisticated data capture, enabling us to break down performance analysis globally using a range of filters.”
 
“We are delighted to strengthen our partnership with La Mutuelle Générale. This demonstrates our capacity to help our institutional clients meet new challenges, including regulation,” says Gilliane Philip-Courtines, head of institutional client development, BNP Paribas Securities Services France. “In addition to our global custody and accounting services, our clients enjoy a range of value-added reporting services. Our ‘end to end’ offering is the most comprehensive in today’s market.”

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