Officials from BNP Paribas Securities Services and Insignia Financial. Credit: BNP Paribas.

Australia-based wealth manager Insignia Financial has selected BNP Paribas Securities Services to provide custody and administration services.

The appointment marks a significant step for BNP Paribas in strengthening its position within the Australian market, the French lender said.

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With A$319.6bn ($203.471bn) in funds under management and administration, Insignia Financial is set to leverage BNP Paribas Securities Services’ suite of integrated solutions and multi-local expertise and financial strength of the BNP Paribas Group.  

Insignia Financial fund accounting and operations general manager Kirk Newey said: “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.”

BNP Paribas’ Securities Services business will cater to Insignia Financial’s MLC and OnePath businesses. The transition set to complete in 2025.

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BNP Paribas Financial institutions coverage chairman and securities services head Patrick Colle said: “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.”

In July 2024, BNP Paribas and Mistral AI entered a multi-year agreement to offer access to existing and future Mistral AI commercial models.

The deal expands the companies’ existing relationship that commenced in September 2023.

BNP Paribas leverages Mistral AI Large Language Models to develop use cases in its businesses across customer support, sales, IT in addition to other areas.