BNP Paribas Securities Services and DWS, one of the world’s leading asset managers, have entered into an agreement for BNPP to provide DWS with fund administration services, and its retail funds with depositary and custody services, in Germany and Luxembourg. The mandate represents €240 billion in assets. 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.
Upon completion of the transaction, BNPP 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.