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DWS to transfer fund administration unit to BNP Paribas Securities Services

  • 28.06.2018

BNP Paribas Securities Services and DWS, one of the world’s leading asset managers, have entered into an agreement for BNP Paribas Securities Services to provide DWS with fund administration services, and DWS’s retail funds with depositary and custody services, in Germany and Luxembourg. The mandate represents EUR 240 billion in assets.

Upon completion of the transaction, BNP Paribas Securities Services will become the fund administration service provider for DWS’s actively-managed funds in Germany and Luxembourg. It is expected that BNP Paribas Securities Services will also provide depositary and custody services to DWS’s retail funds.   

As part of the mandate, DWS will transfer its fund administration unit, which is predominantly based in Germany, to BNP Paribas Securities Services, enabling BNP Paribas Securities Services to further develop its capacity and expertise in Germany and Luxembourg.

BNP Paribas Securities Services was selected for its multi-local market expertise and technology-driven approach to asset servicing and to provide a state-of-the-art platform for DWS.

Patrick Colle, General Manager of BNP Paribas Securities Services, said: “We are delighted to partner with DWS on this important mandate, which will enable us to expand our franchise in Germany and Luxembourg and marks an important milestone in the development of our global funds business.”

Jon Eilbeck, Chief Operating Officer at DWS, said: Transferring services, such as fund administration, to outside vendors is part of an overall programme to improve the way we operate and service our clients in an efficient and high quality manner as we continue our measures to manage our cost base. We are confident that an agreement will be beneficial to all parties involved, including investors in our funds and colleagues in DWS.”

The transactions are subject to approvals by the parties’ respective governing bodies and by regulatory authorities. Completion of these transactions is expected by the end of the year for the fund administration mandate and in 2019 for the retail funds mandate.

 

Press Contacts BNP Paribas

Caroline Lumley          caroline.lumley [at] uk.bnpparibas (dot) com           +44 (0)20 7410 4650

coh10aefek-image-20180628110110-1.png  BNP Paribas Securities Services on Twitter - @BNPP2S

 

Media Contacts DWS

Adib Sisani          adib.sisani [at] dws (dot) com           +49 69 910-61960

Klaus Thoma       klaus.thoma [at] dws (dot) com        +49 69 910-33405

BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.

The information contained within this document (‘information’) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services’ judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request.

BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution ) and the AMF (Autorité des Marchés Financiers).

BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited
regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Services) is incorporated in the UK.

In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability.  Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association.

DWS Group GmbH & Co. KGaA (DWS) is one of the world's leading asset managers with EUR676bn of assets under management (as of 31 Mar 2018). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.

DWS wants to innovate and shape the future of investing: with staff from 35 nationalities, speaking more than 75 languages rooted in 22 countries, we are local while being one global team.

Important Note

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of DWS. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks.

This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures under IFRS, to the extent not provided herein, please refer to the Financial Data Supplement.

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Sarah Worsley
Sarah Worsley
Corporate & Institutional Banking | Corporate & Finance
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