BNP Paribas Trust Services Singapore, a subsidiary of BNP Paribas Securities Services in Singapore, says it has mandated its first clients in the region. This follows BNP Paribas's approval from the Monetary Authority of Singapore for a trustee licence, allowing them to act as trustee for collective investment schemes as well as the capital market services licence, enabling it to provide custodian services for securities.

This strategic expansion into Asia enables BNP Paribas's fund administration and custody business line to support the local fund management industry as well as servicing global asset managers in multiple locations, the bank says. It hopes the activity in Asia will leverage its long-standing presence in the Asian region.

Jean-Marc Pasquet, head of BNP Paribas Securities Services Asia Pacific, based in Sydney, said: "This is a big step forward in the development of the franchise in Asia. We are happy to have secured the first mandates, which for a new set-up, can be the most difficult to attain and we are confident that they will lead to further business expansion going forward."