BNP Paribas Securities Services (BP2S) has completed the acquisition of UK investment outsourcing firm Cogent.
The transaction combines the funds and custodian banking services of BP2S with the investment operations outsourcing business of Cogent.
The UK-based firm - which employs 1100 staff from offices in London, Dublin, Glasgow, Jersey, Peterborough, Luxembourg, Sydney and Wellington - is the largest administrator of UK investment trusts and the fifth largest administrator of UK unit trusts. The company is also one of the top three providers of master custody in Australia and New Zealand.
With the transaction completed, Tony Solway (formerly managing director of Cogent) joins the BP2S executive committee and will also become deputy to Michel Laurent who remains head of IIS. Peter Christmas, previously head of sales and relationship management in the UK for IIS, becomes head of global integration, with responsibility for the amalgamation of the two businesses.