Sep 18, 2013
Paris/ Sydney/ Hong Kong, September 12th 2013 - BNP Paribas Securities Services (BNP Paribas), a global custodian with over USD7 trillion in assets under custody, today announced that it has successfully completed the onboarding of Nikko Asset Management Co., Ltd. (Nikko AM) across Asia Pacific.
BNP Paribas was appointed by Nikko AM in October 2011 to provide middle and back office services, custody and fund administration for its business in Asia as well as for Tyndall Investment Management (Tyndall AM), its subsidiary based in Australia and New Zealand. From a shortlist of providers, BNP Paribas was chosen for its global presence, its technology platforms and its people.
The on-boarding project was a large, complex undertaking that was completed in three stages: firstly, Tyndall New Zealand’s middle and back office systems were migrated to the BNP Paribas platform, followed by Tyndall Australia and then Nikko AM Asia in Singapore.
The migration was a regional project with planning, coordination and implementation by BNP Paribas’ specialist teams in Singapore, Sydney and Wellington, as well as global resources in Paris, London, Luxembourg, Glasgow and Chennai.
Lawrence Au, head of Asia Pacific for BNP Paribas Securities Services, said: “Nikko AM is a very significant relationship for BNP Paribas in the provision of middle and back office services. As its services provider across the Asia Pacific region, BNP Paribas is in a good position to support Nikko AM in its growth strategy, with unified platforms for a consistent client experience, supported by our global/local operating model to meet specific client needs and enhance market connectivity.”
Frederick Reidenbach, chief operating officer & chief financial officer of Nikko AM, commented: “We decided to appoint BNP Paribas as a services provider to centralize the middle and back office systems in Asia-Pacific on one unified platform. Together, we successfully completed the migration program and can see the business efficiencies it delivers. We are very happy with our choice of partner and welcome their support for our growth plans across the Asia-Pacific region.”
Re-disseminated by The Asian Banker