BNP Paribas Securities Services is to expand its outsourced dealing services operation to Australia. The new dealing desk will seek and access liquidity in markets and aim for best execution on behalf of buy-side clients.
The firm is offering its platform and dealers to Australian and New Zealand institutional investors as an alternative to the expenditure required to build and maintain such an operation in-house, notably in terms of front- and back-office personnel and technology. The new desk will report to Francis So in Hong Kong.
BNP Paribas says, “as Australian superannuation funds are increasingly making their own investments and investment managers seek efficiency gains, the need for outsourced services is increasing.”
Pierre Jond, managing director of BNP Paribas Securities Services Australia and New Zealand, said, “Previously, alternative outsourced solutions may have required users to end their established broker relationships and the associated benefits, such as access to research and market news. This new offering allows clients to keep their existing broker panel.”
The service is already available for Paris, London and Hong Kong-based asset managers, where orders generated by portfolio managers are sent into the outsourced dealing desk’s order management system, then programmed for each client to accommodate broker and benchmark preferences. PMs can also discuss their orders with the BNP Paribas executing desk.