French assets services: international focus

Europe’s largest asset servicing companies are proudly international in their focus – and operate in an environment where regulation and policy are crafted at both national and supranational level. So, how important does the French market remain to the business of France’s major post-trade specialists?

When Funds Europe put this question to Joseph Saliba, deputy chief executive of Caceis, he told us that both the French and international asset servicing components are essential to the bank’s strategy. “We view ourselves as a truly global organisation,” he says. “France is a source of business origination not only for our domestic business but also for cross-border – we have French clients doing business in Luxembourg, the UK, Switzerland, Hong Kong and other markets that we support internationally.”

For international clients, Caceis has been expanding its client base outside of France for a number of years and Saliba believes the pace will accelerate with its two recent acquisitions, KAS Bank in the Netherlands, and Santander in Spain and Latin America (Brazil, Mexico and Colombia).

For Franck Dubois, head of BNP Paribas Securities Services (BNPP SS) in France and Belgium, this question has a straightforward answer. France has a large securities services market and BNPP SS is the largest provider in this location. Naturally, therefore, France remains a key market.

Looking more deeply, France has been a source of strategic creativity as well as asset flow. “Since becoming head of BNP Paribas Securities Services France in 2015, I have been impressed by the dynamism of the French market – with innovation driven by forward-thinking asset owners, asset managers, insurance companies, banks and corporates,” he says.

© 2020 funds europe

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