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BNP Paribas Securities Services wins custody mandate from BEA Union Investment for Hong Kong’s first retail OFC
BNP Paribas Securities Services wins custody mandate from BEA Union Investment for Hong Kong’s first retail OFC
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BNP Paribas Securities Services wins custody mandate from BEA Union Investment for Hong Kong’s first retail OFC

12/06/2020


BNP Paribas Securities Services today announced that it has been selected to provide custody services to BEA Union Investment, the first fund manager to use Hong Kong’s Open-ended Fund Company (OFC) regime for an actively-managed retail fund.

As part of this mandate, BNP Paribas Securities Services will provide BEA Union Investment with a range of custody services including fiduciary duties, fund administration as well as transfer agency services.

Introduced by the Securities and Futures Commission in July 2018, the OFC regime enables Hong Kong-domiciled investment funds to be established in the form of a company, which offers investors more flexibility than unit trust structures.

Eleanor Wan, Chief Executive Officer of BEA Union Investment Management Ltd, said:

“We are proud to be among the first to launch a fund through the new domestic OFC structure.  We are glad to have BNP Paribas Securities Services as our partner in this important milestone, boosting Hong Kong’s status as an international asset management centre.  The BU APAC Bond Fund, our pilot fund, will offer investors our flagship investment competence in Asian fixed income.

“Being an award-winning Hong Kong-based Asian specialist, BEA Union Investment is passionate about delivering the best-in-class performance to our investors.  To achieve this goal, our partners need to share the same focus on operational excellence including a profound understanding of regulatory and market evolution across geographies and investment vehicles; superior operational efficiency and seamless connectivity; as well as robust information flow and powerful data monitoring tools.  These are critical to support smart and agile investment decisions.”

Julien Kasparian, Head of Hong Kong at BNP Paribas Securities Services, said:

“We are delighted to have been appointed by BEA Union Investment as its custodian and fund administrator to support its first OFC in the Hong Kong market. The introduction of this new regime enhances local market infrastructure, positioning Hong Kong as one of the preferred fund domiciles among all other internationally recognisable jurisdictions. This mandate demonstrates our bank’s commitment, expertise and capability to support Asia Pacific’s new corporate fund structures and to be a one-stop-shop for asset managers which are looking to grow in the region.”

BNP Paribas Securities Services is a multi-asset servicing specialist with local expertise in 36 markets and a global reach covering 90+ markets. As of 31 December 2019, BNP Paribas Securities Services had USD 11.8 trillion in assets under custody, USD 2.8 trillion in assets under administration and 10,484 funds administered[1].

[1] Source: BNP Paribas Securities Services’ website

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Press Contact:

Caroline Lumley  caroline.lumley@uk.bnpparibas.com  +44 (0)20 7410 4650

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About BNP Paribas Securities Services (www.securities.bnpparibas.com)

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 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.

About BEA Union Investment  (https://bea-union-investment.com/)

BEA Union Investment Management Limited (“BEA Union Investment”) is a joint venture formed in 2007 between The Bank of East Asia, Limited of Hong Kong (“BEA”) and Union Asset Management Holding AG of Germany (“Union Investment”). BEA Union Investment offers comprehensive investment solutions to retail, institutional and pension clients. As at 31 March 2020, it holds assets under management and advisory of approximately US$10.1 billion.

As a Hong Kong based asset management company specialising in Asian equities and fixed income, BEA Union Investment is committed to delivering quality investment solutions and client services.

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