The partnership is part of BNP Paribas’ “ten-year strategic build-out” Janus Henderson Investors has chosen 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. The partnership will see more than 100 Janus Henderson employees currently providing middle and back office functions in the US become employees of BNP Paribas. Janus Henderson says this continuity will support a seamless transition. Outside of the US, Janus Henderson currently has a partnership with BNP Paribas. With its outsourced model, BNP Paribas will provide a “single and consistent global platform” to support the growth of Janus Henderson. BNP Paribas says clients will benefit from its expertise in back and middle office services. Janus Henderson is also expected to benefit from lower administration fees and expenses, due to the reduction in overall operating costs associated. Patrick Colle, CEO of BNP Paribas Securities Services, says: “This is a transformational opportunity for both our US platform and our global funds business. We are now able to offer a complete multi-asset class, middle-to-back office solution, covering all major markets in the world, including the US.” The partnership is part of BNP Paribas’ “ten-year strategic build-out” of the firm’s securities services in the US, which began with the launch of global and US custody in 2012. BNP Paribas has also said it is growing its presence in Denver where one of the firm’s fund servicing hubs will be located. BNP Paribas will pay Janus Henderson net consideration of approximately $36 million for the operations upon closing, which is anticipated for March 2018.
Janus Henderson is cutting costs by outsourcing its back-office functions in the US to BNP Paribas Securities Services. Expanding an existing partnership outside the US, the move will result in 100 of Janus' employees transferring to BNP Paribas, which will be responsible for most of the asset manager's back-office, mid-office and custody functions. Touted to close next March, BNP Paribas is expected to pay net consideration of around $36m for the operations.