Germany: BNP Paribas has begun migrating funds after the closing of the acquisition of Commerzbank Depotbank was completed on the 31st of October. BNP had signed for the acquisition in July.
BNP Paribas has more than €200 billion in assets under administration. The deal adds new services for real-estate funds and strengthens in expertise in Ucits.
Three quarters of the Commerzbank employees have agreed to move to BNP’s premises in 2014, which means the securities services business will have an overall headcount of 340 based in Germany.
SOURCE: funds europe 05/11/13