BNP Paribas Securities Services (BNP Paribas), a global custodian with almost USD 7 trillion in assets under custody, today announced that it has been mandated by AG Insurance in Belgium as one of its two global custodians for the assets underlying its insurance products.

AG Insurance, Belgium’s largest insurance company, mandated BNP Paribas to provide a range of services including custody and settlement. This will not only ensure the safekeeping of assets, and the appropriate post-trade services, but will also ensure that the client is fully compliant in the environment it operates in.

Antonio Cano, Chief Executive Officer of AG Insurance commented: “We chose to work with BNP Paribas because of its strong global custody offering and broad market coverage. The migration of our assets, which took place at the end of 2012, went very smoothly and is now completed.  This has given us full confidence that our portfolio is in the safe and capable hands of a solid company with a proven track record and long standing experience.”

As a global custodian BNP Paribas holds for customer including asset managers, pension funds, sovereign wealth funds and insurers across a network covering over 100 markets. This new mandate positions BNP Paribas among the top custody providers for insurance companies and asset owners in Belgium, with almost EUR 50 billion in client assets on its Global Custody platform.

Renaud Vandenplas, Head of BNP Paribas Securities Services Belgium said: “Winning a prestigious client such as AG Insurance makes us very proud, and we look forward to working in partnership with their teams. This mandate represents a key milestone for us in Belgium and it is in line with our strategic objective to maintain our position as leading global custodian in this market.”
 

Key figures for BNP Paribas Securities Services as of 31 December 2012: USD 7,291 billion of assets under custody; USD 1,333 billion assets under administration; 6,979 administered funds; 7,900 employees.

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