DWS to Transfer €240bn Fund Administration Unit to BNP Paribas Securities Services

BNP Paribas Securities Services and DWS, one of the world’s leading asset managers, have entered into an agreement with BNP Paribas Securities Services to provide DWS with Fund management services and DWS retail funds with Depository and Depository services in Germany and Luxembourg with a mandate of € 240 billion in assets.

Upon completion of the transaction, BNP Paribas Securities Services will become the fund administration service provider for DWS’s actively-managed funds in Germany and Luxembourg. It is expected that BNP Paribas Securities Services will also provide depositary and custody services to DWS’s retail funds.

As part of the mandate, DWS will transfer its fund administration unit, which is predominantly based in Germany, to BNP Paribas Securities Services, enabling BNP Paribas Securities Services to further develop its capacity and expertise in Germany and Luxembourg.

BNP Paribas Securities Services was selected for its multi-local market expertise and technology-driven approach to asset servicing and to provide a state-of-the-art platform for DWS.

Patrick Colle, General Manager of BNP Paribas Securities Services, said: “We are delighted to partner with DWS on this important mandate, which will enable us to expand our franchise in Germany and Luxembourg and marks an important milestone in the development of our global funds business.”

Jon Eilbeck, Chief Operating Officer at DWS, said: “Transferring services, such as fund administration, to outside vendors is part of an overall programme to improve the way we operate and service our clients in an efficient and high quality manner as we continue our measures to manage our cost base. We are confident that an agreement will be beneficial to all parties involved, including investors in our funds and colleagues in DWS.”

The transactions are subject to approvals by the parties’ respective governing bodies and by regulatory authorities. Completion of these transactions is expected by the end of the year for the fund administration mandate and in 2019 for the retail funds mandate.