BNP Paribas Securities Services has taken over Anglo-US investment firm Janus Henderson Investors’ back office (including fund administration and fund accounting), middle office and custody functions in the US.
The deal, first announced in November last year, is part of the French bank’s strategic build-out of its securities services business in the US.
The acquisition will offer BNP Paribas a proven US mutual fund administration and accounting platform.
As part of the transaction, more than 100 Janus Henderson employees based in Denver, Colorado have moved to BNP Paribas.
Also, BNP Paribas will offer fund services to Janus Henderson’s US regulated mutual funds, which have $138bn in assets.
BNP Paribas Securities Services head of the Americas Claudine Gallagher said: “We have a long-standing relationship with Janus Henderson and are pleased to further this partnership.
“We are also delighted to welcome Janus Henderson’s staff of fund servicing professionals, whose combined expertise will enable us to deliver a seamless transition for Janus Henderson and its clients.
“As we continue to build out our US business, we will be able to offer the market an integrated middle-to-back office platform, offering ’40 Act fund accounting, fund administration and custody.”
BNP Paribas has $2.8 trillion in assets under administration and supports its clients in over 90 markets, across the globe.