Optimix hands investment functions to BNP Paribas
INGsubsidiary Optimix Investment Management has outsourced a range of its back-office investment administration functions to BNP Paribas Securities Services.
As a specialist ‘manage the manager’ investment fund provider, Optimix will have custody, unit pricing, unit registry, performance analytics and accounting services provided by BNP.
The move comes after $2.2 billion in assets were transitioned from Optimix’s outgoing service provider Commonwealth Custodial Services on October 30, when the group exited the investment servicing business.
Optimix’s Emmanuel Calligeris says the selection of BNP Paribas came after an extensive review of the services providers in Australia.
“BNP Paribas showed that they had superior systems, service ethos and were committed to the Australian market,” Calligeris says.
BNP Paribas Securities Services head of sales Jonathan Green says that the key for Optimix was a close fit with BNP that matched all of its business requirements.
“We were successful based on our complementary offer, flexibility and our solutions for the investment management community,” he says.
BNP says that since its launch in Australia and New Zealand in June 2003 the business has won a number of superannuation fund mandates and investment manager business.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
