BNP Paribas has been appointed to provide global custody for the $60 billion global portfolio of Mapfre Inversión, the investment management segment of Spanish insurance company Mapfre.
Previously, Mapfre Inversión delegated its custody operations to a range of different service providers.
The decision to consolidate into a single securities custodian followed an internal analysis process, and is expected to lead to significant cost savings, allowing Mapfre to focus resources on its core activity.
According to Mapfre, the move is in line with its global management strategy to develop the Inversión business.
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