Generali Group, an Italian insurer, has appointed BNP Paribas Securities Services as global custodian as part of a restructuring of its asset management operations.
The mandate covers €180 billion pan-European mandate, which includes a €130 billion portfolio of direct insurance assets held in Europe.
In addition, the bank will provide fund administration and depositary banking services for Generali's funds in France, Germany, Italy and Luxembourg, which have assets totaling €50 billion.
Dominique Clair, chief operating officer of Generali Investments Europe, the main asset manager of the Generali Group, says: "The appointment of a global custodian is an important step in the restructuring of our asset management operations."
The Generali Group is one of the largest global insurance providers with 2013 total premium income of €66 billion.
©2014 funds europe