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  • BNP Paribas Boosts Philanthropy Efforts with New Donor-Advised Fund Platform in Asia

    BNP Paribas Boosts Philanthropy Efforts with New Donor-Advised Fund Platform in Asia

    BNP Paribas Wealth Management has bolstered its philanthropic operations by unveiling a new donor-advised fund (DAF) platform in Asia. The platform, dubbed the “BNP Paribas Bridge Foundation,” is dedicated to assisting Asian entrepreneurs, affluent individuals, and family-run enterprises seeking a robust, well-governed method for conducting philanthropic activities.

    The Foundation operates within the framework of Singapore’s financial and legal system, supervised by a governance board comprising both internal and external professionals. The team’s expertise spans philanthropy, impact investing, and the Asian charitable sector.

    A DAF is a specialized structure intended for philanthropic contributions. Its primary advantages include potential tax benefits and the retention of advisory rights.

    The rise of philanthropy as a key aspect of the entrepreneurial journey in Asia is notable, shifting the focus from wealth accumulation to creating a lasting legacy. The Bridge Foundation caters to this vision by offering a secure and efficient platform for philanthropic donations, adhering to the highest standards of governance and compliance. Arnaud Tellier, BNP Paribas Wealth Management’s CEO in Asia-Pacific, emphasized this point in his remarks on the launch.

    Questions & Answers

    What is the BNP Paribas Bridge Foundation?
    The BNP Paribas Bridge Foundation is a newly launched donor-advised fund platform in Asia by BNP Paribas Wealth Management. It aims to assist Asian entrepreneurs, high net worth individuals, and family offices in their philanthropic activities.

    What are the advantages of a donor-advised fund (DAF)
    A DAF is a vehicle specifically designed for charitable giving. The main benefits include potential tax advantages and the retention of advisory privileges.

    How does the BNP Paribas Bridge Foundation operate?
    The Foundation operates within the framework of Singapore’s financial and legal system. It is governed by a board consisting of both internal and external professionals with experience across philanthropy, impact investing, and the Asian charitable sector.

  • BNP Paribas Wealth Management Amplifies AI Integration with New Excellence Center in Singapore

    BNP Paribas Wealth Management Amplifies AI Integration with New Excellence Center in Singapore

    BNP Paribas Wealth Management has recently established an Artificial Intelligence (AI) Center of Excellence in Singapore. This new AI hub signifies the bank’s commitment to harnessing digital innovation in Asia’s burgeoning financial sector.

    The Four Pillars of Success

    The newly-formed AI Center of Excellence is built upon four fundamental principles: innovation, deployment, acceleration, and upskilling. The center aims to work in conjunction with BNP Paribas Wealth Management’s central office in Paris and various Singapore-based innovation ecosystems. This will foster responsible AI adoption across the region, with a particular emphasis on co-developing generative and predictive AI solutions. These solutions are aimed at enhancing portfolio analytics, streamlining client onboarding, and automating advisory services.

    Investing in Employee Learning

    In addition to the establishment of the AI hub, BNP Paribas has rolled out a comprehensive learning and development curriculum. This program is designed to equip employees with practical AI skills, catering to all tiers of the workforce. From technology experts and business leaders to AI ambassadors and catalysts, the bank is committed to fostering a culture of continuous learning and innovation.

    Arnaud Tellier, CEO for Asia at BNP Paribas Wealth Management, acknowledges the transformative role of AI in the wealth management industry. He also emphasizes the center’s alignment with Singapore’s national AI strategy. Tellier stated that this development aims to “integrate innovation, governance, and human expertise to deliver trusted, insightful, and high-value client experiences”. He added that this will be “powered by AI that is secure, seamless, and deeply personalized to each individual’s goals.”

    Questions & Answers

    What is the primary purpose of the AI Center of Excellence?
    Its main goal is to foster responsible AI adoption across the region, with a focus on co-developing generative and predictive AI solutions for portfolio analytics, client onboarding, and advisory automation.

    What is the bank’s approach to employee learning in light of the new AI hub?
    BNP Paribas has launched a comprehensive learning and development curriculum designed to equip its employees, from tech experts to AI ambassadors, with practical AI skills.

    How does the CEO of BNP Paribas Wealth Management see the role of AI in the industry?
    Arnaud Tellier sees AI as a transformative force in wealth management, enabling the delivery of secure, seamless, and deeply personalized client experiences.

  • BNP Paribas Moves to a Posh Address in Lugano

    BNP Paribas Moves to a Posh Address in Lugano

    BNP Paribas has opened its new headquarters in southern Switzerland on a fashionable shopping street in Lugano.

    According to a statement Friday, French bank BNP Paribas opens its new headquarters at Via Nassa 11 in Lugano, demonstrating the importance it attaches to developing its activities in Ticino.

    The inauguration ceremony was attended by BNP Paribas Suisse board members Yves Martrenchar and Marina Masoni, Enna Pariset, CEO of BNP Paribas (Suisse) and head of BNP Paribas Group in Switzerland, Beat Bachmann, CEO Wealth Management Switzerland & Emerging Markets and Fabio Spinelli, site manager Wealth Management Lugano.

    For BNP Paribas Wealth Management, it is a priority to support the development of the Ticino economy and its stakeholders, especially entrepreneurs and wealthy families, Bachmann said. BNP Paribas has been based in Switzerland since 1872 and employs 1,200 people nationwide.

  • BNP Paribas Bags Credit Suisse Specialist Team

    BNP Paribas Bags Credit Suisse Specialist Team

    The revolving door at Credit Suisse keeps spinning, as the Swiss bank loses a team of specialists to BNP Paribas.

    BNP Paribas is strengthening its equities team in London by hiring Credit Suisse’s event-driven team. Susan Stryker Marinello, an event-driven specialist for the EMEA region at the Swiss bank, and risk arbitrage traders Andy Martin and Simon Scott are joining the French bank.

    Before their stint at Credit Suisse, the team of specialists previously worked together at Citi.

    The hiring of the unit is an important step following BNP Paribas’ acquisition of Exane in 2021, the sources added. As part of that acquisition, BNP Paribas brought equity trading, research, and derivatives activities in-house after a 17-year partnership with Exane. It said the new hires are part of BNP’s expansion into cash equities following Exane’s return.

    Neither Credit Suisse nor BNP Paribas had any comment.

  • BNP Paribas Quits Hong Kong Private Trading Platform

    BNP Paribas Quits Hong Kong Private Trading Platform

    BNP Paribas is shutting down a private trading platform in Hong Kong, according to a note sent by the French bank to its clients. The platform was what’s called a dark pool – a place where institutional investors can engage in private securities trades.

    December Will See Tougher Legislation, Higher Costs

    The move by BNP is believed to be a result of tougher financial market regulation in Hong Kong, which should come into effect from December and will substantially increase the costs and risks associated with running dark pools, as the local regulator, like its counterparts across the world, strive for greater transparency in the industry.

    BNP is studying alternative solutions for its clients

    In the note to clients, obtained by Bloomberg, the French lender explained: “In view of the changing client needs and the evolving regulatory environment, BNP Paribas Securities (Asia) Ltd. in Hong Kong decided to stop running the internal dark liquidity pool trading services, BNP Internal Exchange (BIX), from December 2015.” It added that it is considering alternative solutions for its dark pool clients but all current orders will be transferred to the Hong Kong exchange, it said in the note.

    It seems that the new regulation is the final blow to BNP’s dark pool in Hong Kong, after the bank was fined almost $2 million by the local regulator, the Securities and Futures Commission, in August for failing to comply with dark pool operating rules. The violation consisted of BNP assigning equal priority to all orders processed in the pool over the three years between 2009 and 2011, when operations were suspended.

    Watchdog Wants Transparency

    The new Hong Kong regulation has stipulated a ban on retail orders in dark pools, a requirement that will see dark pool operators treat priority client trades over proprietary orders, plus a host administrative regulatory and administrative controls aimed to cast some light on these non-transparent platforms. As a result, such businesses are likely to become uneconomical.

    There are 16 dark pool operators in Hong Kong at the moment, accounting for 2 percent of the market, according to Reuters. In comparison, in Europe and the US, these platforms account for around 10 percent of trade turnover.

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