BNP Paribas Securities Services has sealed a deal to acquire Cogent, the international fund administration business of AMP of Australia, giving the French bank a much needed UK presence as well as extra clout in Europe.
The deal was anticipated on eFinancialNews.com on 10 May. BNP Paribas Securities Services already has operations in 14 countries, but lacked a presence in the UK. Jacques-Philippe Marson, president and chief executive of BNP Paribas Securities Services, said Cogent was one of the last groups that was sizeable in the UK and remained up for grabs. "There are no more domestic UK players," he said.
