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Magazine Issues » December 2022

2022 Funds Europe Award winners

European Custodian of the Year

Winner – BNP Paribas Securities Services

The judges were impressed by BNP Paribas Securities Services’ coverage of international markets and numerous mandate wins – but its progress on digital assets and ESG are what separated it from competitors.

BNB ParibasInternational coverage has been increased by the extension of the Broker-to-Custody service from solely the US and Asia-Pacific to include Europe. This move was led by the acquisition of Deutsche Bank’s electronic equities business. The service allows clients to outsource their trading execution and settlement to BNPP SS and reduce operational complexity.

The French asset servicer has partnered with fintechs Fireblocks and Metaco to develop its cryptocustody offering. The latter’s platform will underpin BNPP SS’s institutional custody offering, so that clients can store, issue and settle their digital securities alongside traditional assets.

The custodian has also been working to solve another challenge facing asset managers at present – access to reliable ESG data. BNPP SS has expanded its Manaos offering, a data marketplace that gives clients access to ESG data and analytics through one platform.

Shortlisted

Caceis – The French asset servicer looked to develop its relationships with start-ups and tech specialists this year. It launched the Caceis Connect Store, which grants clients access to third-party services offered by fintechs. Caceis has also sought to broaden its presence in the digital assets market. It partnered with blockchain specialist Taurus to develop its own cryptocustody offering and also set up a Digital Assets Factory to bring together cross-functional business lines with a focus on digital assets.

Northern Trust – The asset servicer saw its European assets under custody grow by 4% year-on-year and surpassed $1 trillion in defined contribution assets under custody and administration. The firm also secured some new mandates and collaborations. The relationship with Australia-based Pendal Group was extended to cover its European business, and regulatory approval was secured to offer local custody and ancillary services in the Swiss market.