BNP Paribas Securities Services, a leading global custodian with USD11.5 trillion in assets under custody, has been appointed fund administrator for the first fixed income ETF domiciled in Brazil.
With the launch of the Mirae Asset Fixed Income Fund (MIRAE FIXA) on the Brazilian Stock Exchange B3 on 10 September 2018, BNP Paribas now serves as the fund administrator and custodian for the fund’s approximately BRL60 million in assets. BNP Paribas was also instrumental in structuring this new product in the Brazilian market.
BNP Paribas is already a leader in ETF servicing in Brazil, currently providing fund administration and custodial services for over BRL4.6 billion in equity ETF assets, or approximately 64 per cent of the equity ETF market in Brazil.
“With this new launch, we are consolidating our leadership role in the Brazilian ETF market, both in terms of volumes and sophistication in the product range we can serve,” says Andrea Cattaneo, Head of Brazil for BNP Paribas Securities Services. “We are proud to have the opportunity to help develop the ETF market in Brazil, which ultimately benefits investors with cost-effective and more transparent investment options.”