BNP Paribas Securities Services has signed a strategic partnership with Van Lanschot Kempen (VLK) which includes two new mandates covering EUR16bn in assets (USD18.5bn). VLK is a Netherlands-based specialist independent wealth manager.
As part of this partnership, BP2S will provide Kempen Capital Management, the asset management arm of VLK, with global custody, depositary bank, fund accounting, regulatory reporting, collateral management and FX services. The mandate, which covers fund ranges in Luxembourg and the Netherlands, covers EUR6bn of assets. In addition, VLK has consolidated a range of services with BP2S across its wealth management and brokerage activities. This includes global custody, local custody and clearing services for cash equities and exchange traded derivatives. The mandate represents EUR10bn in assets.