Spain's MAPFRE Inversión, which specialises in long-term savings solutions, says it has selected BNP Paribas Securities Services as global custodian for its worldwide portfolio of assets worth €60bn. It says this decision will allow it to reduce costs and allocate additional resources to its core activity.
MAPFRE INVERSIÓN says it previously delegated its custody operations to a number of different service providers. Following a comprehensive internal analysis, the company has decided to centralise this outsourced work to a single securities custodian, giving rise to significant annual cost savings.
Among other advantages, this move will free up resources for use in its core business, simplify balancing items and generate direct and indirect cost savings.
MAPFRE says these changes reflect both its global management approach and the Group’s strategic plan, moving toward specific development of the MAPFRE INVERSIÓN business, with a team of 150 investment specialists and direct management in 26 countries.