Asset servicing bank BNP Paribas Securities Services has moved to new offices in Dublin. The global custodian, which has almost €7trn in assets under custody, is moving to a new premises on South Leinster Street.
The move is being supported by Department of Jobs, Enterprise and Innovation through IDA Ireland.
BNP Paribas has been in Ireland for 40 years, while BNP Paribas Securities Services has operated as a centre for the servicing of investment funds since 2001.
CEO Patrick Colle said the new premises in Dublin demonstrates the asset servicing bank’s commitment to Ireland as a servicing centre for both UCITS and alternative investment funds.
"Dublin forms an integral part of our securities services’ global operations, which we will continue to develop in the years ahead," he said yesterday.
IDA Ireland’s CEO Barry O’Leary spoke about how the country has been an attractive destination for servicing the funds of international investment managers.
"The commitment of a global financial institution such as BNP Paribas further highlights Ireland’s competitiveness as a fund centre," he said.
BNP Paribas Securities Services launched a sponsored investment programme in 2010 in Dublin to enhance operational capability for traditional and alternative managers on a shared technology platform.
And, in 2011, BNP Paribas Securities Services partnered with IDA Ireland to launch a Dublin-based research initiative focusing on asset administration, known as the ‘Alternative Fund Lab’. This research initiative will now be housed in the new premises.