BNP Paribas in Singapore push

BNP Paribas Securities Services is setting up an office in Singapore to help its clients with fund administration and custody needs in what it calls a ôstrategic expansion moveö aimed at completing the bankÆs service delivery capability in all major time zones globally.

Marcel Weicker heads the Singapore office and he reports to Jean-Marc Pasquet, head of Asia Pacific. Weicker joins BNP Paribas from RBC Dexia, where he was previously managing director of the company's trust and fund administration business in Asia.

ôHaving a local presence in Asia means we can offer an expanded product range and servicing capability to our global clients with local expertise and knowledge,ö says Pasquet.

Singapore and Hong Kong are considered major growth areas for fund administrators outside Europe and the US.

Weicker says the fund administration and custody needs of BNP Paribas Securities ServicesÆ European clients in Asia will be the foundation of the companyÆs growth in this region. The firm has a local presence in all key markets in Europe and in the US.

BNP Paribas Securities Services has almost 900 clients worldwide and a global custody network covering 91 markets.

As of June, it held more than 3.9 trillion euros in assets under custody and 825 billion euros in assets under administration for 6,125 funds worldwide. It also provides performance attribution and risk-management analysis for 2,900 investment portfolios, and in 2006 processed over 32 million securities transactions.