Canada-based Alberta Investment Management Corporation (AIMCo) has selected BNP Paribas Securities Services India to provide custody, clearing and settlement services for its recent investment in India’s first renewable energy infrastructure investment trust.
The mandate will see BNP Paribas Securities Services support AIMCo’s ability to access the fast-growing Indian market through custody services, as well as foreign exchange and banking services.
AIMCo is among a number of international investors to commit to the renewable energy infrastructure investment trust, Virescent Renewable Energy Trust (VRET).
AIMCo is one of Canada’s largest institutional investment managers with US$118 billion assets under management.
The investment manager is also responsible for the investments of pension, endowment and government funds in the province of Alberta.
Akshay Thakurdesai, head of BNP Paribas Securities Services India, says: “AIMCo was looking for a banking partner who could help them to capture growth opportunities in India easily and efficiently. This mandate highlights our expertise in providing a comprehensive banking service that combines market connectivity with local knowledge.”
