Introducing BNP Paribas fund depositary experts
In episode four, we are looking at the topic of the Depositary services for funds. We speak to two of our experts: David Banks and François Depeuille.
How do depositary services create value for asset managers and the broader financial sector? Which current trends are reshaping the asset management landscape? What drivers are influencing the partnership dynamics between depositary banks and fund managers?
Alison Gurd: hello and welcome. I am Alison Gurd, Global Head of client experience and servicing at BNP Paribas’ Securities Services business. Today, I am very pleased to welcome you to this episode of our podcast series Beyond the Trade, where we go behind the scenes to speak to our asset servicing experts.
In this episode, we’re looking at the topic of the Depositary services for funds. I am delighted to be joined by two of our experts: David Banks and François Depeuille. Welcome David and François, before we learn more about the Depositary Bank can you please introduce yourselves?
David Banks: I am the Global Head of Depositary and Fiduciary Solutions for BNP Paribas’ Securities Services business. I have been in the role for just over 2 years. Prior to that I was based in Australia in various roles after joining BNP Paribas in 2019.
François Depeuille: I am the Head of Depobank in France. I have 20 years of experience in the securities services business. I held several positions in Client Development teams and joined the Depobank nearly 10 years ago.
I am also a teacher in several Universities here in Paris, trying to pass on my knowledge and passion for our business to the younger generations.
What does depositary bank mean?
Alison: I think it is excellent that you contribute back to society through your teaching, what a great thing to do! From your credential, you are the perfect couple to answer the question: what is a Depositary bank?
David: a depositary bank is a financial institution which exists to protect the end investors in European funds. Under AIFMD[1] and UCITS V[2] directives, funds (or collective investment schemes) are required to appoint an independent depositary. This service provider ensures that the fund acts appropriately and within the law.
We do this through performing three main duties:
- Safekeeping
- Oversight: due diligence and investment compliance activities
- Cash flow monitoring.
François: we are the market leader in Europe[3]. In France, we are also one of the major depositary banks on the national market.
We support around 150 management companies[4] on a daily basis, from local independent players to large international management companies. The game is always the same: protecting final investors through a solid monitoring of the funds and their management companies.
So we build very special relationships with our clients. Risk management, compliance of operations and overall trust and transparency are essential.
What is the real value of depositary services?
Alison: I knew we were market leading but did not realise the number of funds that we monitor, it is much more than I expected. So along with the level of service that you provide to the client, what is the true value of the service?
François: acting on behalf of the national regulators, we are often considered by some of our clients as a necessary evil. I would rather think that our clients see us more as expert support, a safety net, a sort of a third eye for the benefit of themselves and the entire asset management industry.
We protect final investors: this is our mission. Doing so, we protect our own clients who are fund manufacturers and fund managers.
So how do we achieve this? First, through our expertise on each asset type, because we understand the latest regulations and new trends, and of course because our independent control capabilities.
Then, a smooth client experience is also key, from the design and conception of the fund and throughout the entire lifecycle. We’re doing a lot on that matter.
- We are implementing digital tools to ease the audit and due diligence process.
- We are also revisiting the entire client experience via our client portal, NeoLink,
- And of course, we are very close to our clients, every day to ensure quality and partnership
Recently, we also did a lot on ESG topics. Sustainable finance is an area where clients really appreciate our support and experience.
David: the primary value is protecting the end investor and making sure that the entities running the fund are behaving appropriately.
This protects against errors, conflicts of interest, and fraud. This creates stability, credibility and trust in our industry and therefore the whole financial services ecosystem.
This may not sound particularly exciting, but it is extremely important to investors, regulators and the ongoing success of the industry.
Asset management trends in 2026
Alison: I expect that you need to be very aware of what is happening in the industry and more broadly in the global economic landscape, so what trends are you currently seeing?
David: the trends we see are all about the diversification of investment types. We have seen a big move to more private assets over the last few years. In addition, we are currently seeing clients wanting to invest more and more in digital assets. These are the two biggest trends in my view, and we have to evolve our model and develop it further to accommodate these new instrument types.
Our responsibility is to ensure that our depositary services can be provided seamlessly for both new asset types and the traditional ones. The duties, -oversight, cash monitoring and safekeeping- are exactly the same even if the fund or asset type varies. We need to make sure we have full confidence in our abilities to discharge our duties.
François: funds are more and more complex. This calls for new solutions and permanent reengineering of our processes.
Just look at the emergence of funds that combine liquid and illiquid asset classes. Most accounting and administration systems have been set up for either traditional liquid assets, or for the more illiquid ones. The industry is having to work out how to process these new innovative structures. It’s a tough challenge, but it’s an interesting one.
Look also at the emergence of digital assets. It is not a parallel universe. They are developing quickly. Our clients expect a Depobank that can support traditional as well as digital assets, you name it securities tokens, tokenised fund shares, digital cash such as stablecoins and wholesale Central Bank Digital Currencies.
These projects are exciting! We love accompanying clients that experiment on those topics.
And lastly, artificial intelligence. It was clear from years ago that those technologies could change the way we operate. We spend so much time reading and analysing funds prospectuses that it was obvious AI would become a game changer for us. We are actively involved and invested in that matter. So, we want faster processing, we ambition to increase the depth and frequency of our controls, and offer the best client experience!
So, we are at the forefront of transformation and new trends and proud to be so.
What drives the depositary bank experts: learning, collaboration and impact
Alison: before we leave, I have a couple more questions for you, a bit more personal. What do you like most in your jobs in the Depositary arena?
François: I love the positioning of the depo bank officer. We create unique relationships. We are a long-term partner.
Then, the intellectual challenge is permanent: regulation evolve constantly, our clients embrace new trends and have a huge appetite for innovation.
They are expecting us to be there, as expert partners to rely on.
Every day, I learn new things from a client, a fund or a specific transaction.
Lastly, the transformation of our business: I really want my team to stand at the cutting edge of trends, projects, regulations.
David: I have been in this job for just over two years and one of the things I love the most is that I keep on learning and discovering. Sometimes it seems that the more you learn and discover, the more you realise you still have to learn.
In my role I oversee nine EU depositary locations.
I really enjoy building a community amongst those locations and getting them to work together to share best practices.
This is rewarding from both a human interaction perspective and a results perspective.
On a more personal level, I really am enjoying living in Paris, which is very different from Sydney where I previously lived. For the first time in my whole career, I am cycling to work which I absolutely love on many levels.
Alison: thank you for sharing your knowledge on the depositary bank in the Beyond the Trade podcast!
Related content:
[1]Alternative Investment Fund Managers Directive
[2] Undertakings for Collective Investment in Transferable Securities
[3] BNP Paribas is the European largest depositary bank with over EUR 3 trillion in assets under depositary
[4] Internal source, 2026