BNP badges Perpetual wrap
BNP Paribas is to badge Perpetual’s wrap service, which will be made available through BNP’s team of brokers.
BNP Paribas joins financial planners Investor Security Group, IPAC Securities and Perpetual Private Clients in adopting the Perpetual Portfolio Services wrap.
Perpetual general manager portfolio services Anthony Hunt says the deal is the first between a major broker and a portfolio administrator in Australia. Under the terms of the deal, BNP will offer two portfolio services through the Perpetual Wrap Service.
The Premium Service will be an advisory portfolio service including structured investment advice, brokerage free trading and capital gains tax (CGT) reporting and management, while the Tailored Portfolio Management service will be available for client mandates in excess of $1 million.
Hunt says the partnership between the two companies enables BNP to offer a fully compliant investor directed portfolio service (IDPS) to their clients.
BNP managing director Guy Hedley says Perpetual was chosen after a thorough search of the Australian wrap service provider market. BNP was looking for a complete custodial service which included transaction management, ongoing corporate action administration, full tax reporting and a willingness to work closely with BNP.
"Perpetual [was] the only party who could meet our requirements," he says.
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