AMP extends BNP Paribas mandate
BNP Paribas has ensured a six-year extension of one of Australia’s most important custody mandates — the AMP Group.
The company announced this week that it had secured the extension of the mandate to provide custody and fund administration services to AMP Limited group entities until 2014, something which represents a continuance of the arrangement entered into after AMP sold its investment administration business, Cogent, to BNP Paribas six years ago.
BNP Paribas Securities Services Asia Pacific head Jean-Marc Pasquet said the AMP decision had come at a time when BNP was continuing to invest significant resources into Australia and New Zealand to achieve operational excellence and scalable robust processes for both existing and new clients.
AUTHOR
Mike Taylor
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