Berenberg, a private bank with divisions in wealth and asset management, investment banking, and corporate banking, has appointed BNP Paribas as the depositary bank and transfer agent for its operations in Germany and Luxembourg. In a press release on Wednesday 12 June, BNP Paribas that it will provide depositary bank, transfer agent, listed derivatives clearing, and over-the-counter derivatives services to Berenberg.

This decision reinforced the longstanding relationship between Berenberg and BNP Paribas, which already included local clearing, settlement and custody services across multiple markets, said BNP Paribas. The new mandate covers Berenberg’s full fund range, consisting of 18 Ucits in Luxembourg and 12 Ucits in Germany, amounting to €5bn in assets.

Sebastian Zimmermann, chief operating officer of wealth and asset management at Berenberg, expressed gratitude for BNP Paribas’ support and noted their contribution to joint achievements. He anticipated further collaboration to enhance processes.

Bruno Campenon, head of the financial institutions and corporates client line, Securities Services at BNP Paribas, welcomed the extended partnership with Berenberg. He emphasised their commitment to leveraging integrated product offerings and local expertise to support Berenberg’s growth strategy.

Established in 1590, Berenberg is headquartered in Hamburg, with a presence in Frankfurt, London and New York. BNP Paribas Securities Services, founded in 2000 and headquartered in Paris, has assets under custody totalling $14.4trn.