BNP Paribas Appointed By Insignia Financial As Its Custodian In Australia

BNP Paribas’ Securities Services business, a leading global custodian with USD 15.0 trillion in assets under custody¹, has been appointed by Insignia Financial, one of Australia’s pre-eminent wealth managers, to provide custody and administration services.

This strategic mandate with Insignia Financial, which holds AUD 319.6 billion funds under management and administration², further strengthens the position of BNP Paribas’ Securities Services business in the Australian market.

Insignia Financial, an ASX 200 company providing clients with superannuation, wrap platforms, financial advice and asset management, will benefit from the comprehensive suite of integrated solutions and multi-local expertise of BNP Paribas’ Securities Services business, together with the financial strength of the BNP Paribas Group.

The service offer will cover Insignia Financial’s MLC and OnePath businesses, with the transitions to be finalised in 2025.

Kirk Newey, General Manager, Fund Accounting and Operations, Insignia Financial, commented: “As part of Insignia Financial’s simplification strategy, we undertook a review of our custody and related services arrangements. Following an extensive tender process, we chose BNP Paribas’ Securities Services business. We look forward to working with BNP Paribas to deliver improved efficiencies and scale benefits to our members.”

Patrick Colle, Head of Securities Services and Chairman of Financial Institutions Coverage, BNP Paribas, stated: “It is a great pride for us to support Insignia Financial in its long-term scalability strategy. We are determined to put the full strengths of our integrated model, on-the-ground expertise, and digital leadership at the service of Insignia Financial’s ambitions for growth.”