BNP Paribas’ Securities Services business first partnered with La Financière de l’Échiquier (LFDE)[1], one of Europe’s leading conviction-driven asset managers, back in 2006, firstly in France and then in Luxembourg.
LFDE quickly became a valued and trusted partner, and today Securities Services provides the company with a full suite of services. These include acting as depositary bank and providing trade support, custody, fund administration, transfer agent (locally and regionally), auto FX and derivatives clearing services.
BNP Paribas and LFDE: a common purpose
Securities Services has supported LFDE as it has expanded into a leading independent French asset manager
Shared values; a commitment to sustainable growth and transformation, has always been the foundation of the close relationship between the two companies. LFDE seeks to deliver a high-quality personalised service that meets the individual needs of institutional, wealth-management and retail clients. Equally, BNP Paribas’ Securities Services business aims to go above and beyond to meet LFDE’s and all other clients’ unique needs.
Securities Services has supported LFDE as it has expanded into a leading independent French asset manager with an increasing European footprint and a strong track record of successful fund launches.
A view from the General Secretary
Elsa Scoury, General Secretary at LFDE, has been at the firm for more than 10 years and has played an important part in its growth and transformation. She explains that one of the key challenges as a General Secretary is to solve the problems that can emerge in any part of the business, and that she relies on strong support from BNP Paribas.
She explains that “it is always comforting to know that whether I am dealing with challenges that can range from an IT to an accounting issue, I can rely on the help of an expert at BNP Paribas’ Securities Services business”.
2018, well before artificial intelligence began to dominate the headlines, LFDE launched the Echiquier Artificial Intelligence fund, a Luxembourg-domiciled SICAV compartment which invests in major international companies which benefit from, or develop, artificial intelligence
Looking back, Elsa cites a number of key milestones in LFDE’s development where BNP Paribas provided crucial support. For instance, in 2018, well before artificial intelligence began to dominate the headlines, LFDE launched the Echiquier Artificial Intelligence fund, a Luxembourg-domiciled SICAV compartment which invests in major international companies which benefit from, or develop, artificial intelligence.
It attracted record inflows and today this innovative strategy has nearly €1 billion in AuM. Securities Services at BNP Paribas supported the launch and the administration of the fund, and played a key role in driving its growth through its strong and extensive distribution model. Later, in April 2024, LFDE merged with Tocqueville Finance.
The deal, says Elsa, helped LFDE grow significantly – and again Securities Services played a key role by successfully onboarding around 40 of Tocqueville Finance’s funds to its trade support platform. Efficient project management and smooth onboarding were vital in enabling the merger to complete swiftly, on time, while minimising disruption to normal business and fund operations.
Launching a new Japanese fund: global collaboration and commitment
Securities Services’ proactive management ensured that we were able to launch the fund on time
Last but far from least, Elsa mentions the 2024 launch of the Echiquier Japan fund[2] as an example of Securities Services teams across multiple locations working together, and going beyond to ensure a timely and smooth launch.
Elsa recalls that the deadline to launch the fund was very tight and that Securities Services’ “proactive management ensured that we were able to launch the fund on time, even calling me very early in the morning to confirm that the account could be opened that day”.
The process involved constant, close collaboration between BNP Paribas’ network management teams in Europe, in APAC and the Japanese sub-custodian in Tokyo to meet the deadline. Senior management from Paris provided strong governance by overseeing the process, and ensuring close communication at a senior level with LFDE.
A number of factors proved vital, including Securities Services’ knowledge of the specific requirements of the local market in Japan, which can prove difficult for European institutional investors to navigate. Also key was the ability of multi-local teams to work together seamlessly across time zones to complete all the necessary processes involved in opening the account.
Elsa adds “we sometimes put a lot of pressure on Securities Services at BNP Paribas (and not just in the Japan fund launch!) to help us reach our goals and we are never left disappointed”. She adds that the successful partnership between the two enterprises rests on “the expertise of the professionals at BNP Paribas and their ability to respond quickly to our needs”.
Looking to the future
Elsa is confident that, as the relationship enters its 20th year, BNP Paribas’ Securities Services business can support LFDE with new opportunities and challenges in the future, including the advancement of technology and, in particular, the integration of artificial intelligence in many operations. Strong partnerships between asset managers and asset servicers will continue to be crucial for our shared success as we go further, together.
[1] Accueil EN – LFDE – La Financière de l’Echiquier
[2] Echiquier Japan A – LFDE – La Financière de l’Echiquier
Disclaimers: This information, data and opinions from LFDE are provided for information purposes only and, as such, do not constitute an offer to buy or sell a security, investment advice or financial analysis. Past performance is not an indication of future performance.
Echiquier Artificial Intelligence is mainly exposed to the risk of capital loss, equity risk, currency risk, emerging market risk and discretionary management risk.
Echiquier Japan presents a risk of capital loss, equity risk, risk related to investments in small and mid-cap stocks, currency risk, discretionary management risk and sustainability risk. For more information on the characteristics, risks and fees, please consult the regulatory documents available at www.lfde.com. The investor’s attention is drawn to the fact that the units/shares presented may not be available for marketing in his/her country.