BNP Paribas Securities Services has been selected to provide custody and fund administration services to Devon Funds Management (Devon), a New Zealand fund manager.
Devon, which specialises in Australian and New Zealand equities, appointed BNP Paribas with respect to the fund manager’s two new wholesale unit trusts, created to complement its rapidly growing product offering in New Zealand.
Speaking about BNP Paribas’ appointment, Mel Firmin of Devon Funds Management said: "We are pleased to have appointed BNP Paribas for back office services in New Zealand.
“Their strong global platform and local expertise in custody and fund administration for portfolio investment entities were critical factors in our decision. Also, the fact that they had an on the ground presence in New Zealand was important.”
Hugh Stevens, Head of BNP Paribas Securities Services New Zealand added: “We are delighted to have won this new business from Devon Funds Management, and see it as a demonstration of our commitment to the New Zealand market.
“Fund managers in New Zealand are currently facing unprecedented regulatory change coupled with increasing demand for systems and operational enhancements. We feel that we are ideally positioned to partner with and support them through this period of change, and in meeting increasingly sophisticated market reporting requirements.”
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