The global custodian, which boasts a total of $9 trillion in assets under custody, will take on $3 billion in assets under management for 119 funds.
The asset managers are a mix of local, regional and global players, which together have a 20 percent market share of the Colombian asset management industry.
The new mandate follows a change in Colombian law requiring local mutual funds to appoint third-party custodians in order to increase asset safety and investor protection in the market.
Onboarding of the funds was completed on 3 September, in line with the regulatory timeframe set by the Colombian Ministry of Finance.
“These new requirements represent a major step for the Colombian finance industry,” said Claudia Calderon, head of BNP Paribas Securities Services Colombia.