BNP Paribas teams with ConvergEx for transition management
Agency brokerage and technology provider BNY ConvergEx has agreed to provide clients of BNP Paribas Securities Services, the post-trade administration division of French bank BNP Paribas, with transition management services.
According to BNP Paribas, the growing importance of transition management prompted it to look for a partner to offer these services to its clients. The bank said it chose ConvergEx because of its extensive experience with managing global multi-asset-class transitions.
“The alliance with ConvergEx provides our clients with the knowledge that their transition management activity will be managed within the framework of agreed operational procedures, ensuring the efficient settlement of securities and cash transactions as well as pre-execution planning and a streamlined portfolio handover to the incoming fund manager,” said Simon Walker, deputy head global custody product management at BNP Paribas, in a statement.
Transition management enables asset owners and managers to restructure their investment portfolios as a result of geographic reallocation, changes in fund managers or for the initial investment of new funds.