BNP Paribas Securities Services has been mandated by Aviva Investors France for the administration of collateral for its sale and repurchase agreements.
BNP Paribas will support Aviva to develop its repo activities in a constantly changing regulatory environment.
Hélène Virello, head of collateral management at BNP Paribas, said: “This new mandate confirms our strategy of expanding our collateral management services for various underlying assets aside from bilateral OTC derivatives. These include repurchase agreements and cleared OTC derivatives. We focus on developing partnerships with clients, allowing us to remain close to their strategies and tailor our solutions. We are proud to be supporting Aviva Investors France’s development strategy, while meeting the challenges of new regulatory requirements for collateral management.”
Aviva is focussed on developing its asset management activities.
Christian Dormeau, CEO of Aviva Investors France, added: “Monitoring counterparty risk, which is a central topic of debate in the market, is also an essential component of our asset management strategy. Given the strong growth of our repo activity, we wanted to outsource to an efficient, responsive service provider who would maintain Aviva Investors France’s high standards for monitoring and managing the risks related to its commitments.
“BNP Paribas, with which we have had a successful, long-standing working relationship, offered us the solution that best fits our needs within the allotted time frame. We are also confident that BNP Paribas will help us face the upcoming challenges related to new regulations, such as EMIR, that affect collateral management for OTC derivatives.”
Aviva is the global asset management arm of Aviva Group and operates in 15 countries, with assets under management of £274 billion at September 30 2012, making them one of the top 10 asset management firms in France.