BNP Paribas takes over Janus Henderson’s US middle and back office ops
Janus Henderson’s middle and back office operations in the US have been transferred to BNP Paribas as it expands in the country.
As reported in November 2017, Janus Henderson Investors chose BNP Paribas Securities Services to assume responsibility for most of its back office; fund administration and fund accounting, middle office and custody functions in the US.
This completed transaction is part of BNP Paribas’ ten-year build-out of its Securities Services business in the States, and the deal provides a “proven” US mutual fund administration and accounting platform.
Claudine Gallagher, head of the Americas for BNP Paribas Securities Services, says it will be able to offer the market an “integrated middle-to-back office platform, offering ’40 Act fund accounting, fund administration and custody”.
More than 100 Janus Henderson employees, based in Denver, Colorado, have moved to BNP Paribas.
The bank says it is committed to growing its presence in Denver, where its mutual fund administration hub will now be located.
Other Securities Services operational hubs in the US include King of Prussia, Pennsylvania for hedge fund administration and Jersey City, New Jersey for custody and clearing.
As part of the transaction, BNP Paribas becomes the fund services provider for Janus Henderson’s US regulated mutual funds, representing $138 billion in assets.
According to BNP Paribas, it has $2.8 trillion in assets under administration, and covers over 90 markets.
As at 31 December 2017, Janus Henderson had approximately $371 billion in assets under management, more than 2,000 employees and offices in 27 cities worldwide. It is headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).