BNP Paribas Securities Services (BP2S), a wholly-owned subsidiary of the BNP Paribas Group, has completed the migration of EUR16.3bn of assets and 41 funds from the Banco Popolare di Milano's (BPM) depository bank business of Anima and Akros Alternative funds to BP2S' platforms.

BP2S has acquired the BPM’s depository bank in April 2010. BNP Paribas said that the business unit sold in April includes all depository bank services performed by BPM for long-only and alternative funds on behalf of asset management companies belonging to the BPM Group, as well as external clients.

Amounts held total approximately EUR20.3bn, with around EUR19.1bn in long-only funds and the remainder in real estate and hedge funds.

Alessandro Gioffreda, head of BP2S Milan, said: “This marks the smooth migration of the first and most complex phase of the integration process, which was accomplished on schedule.

“With the integration of Banca Popolare di Milano securities services arm, we become the second largest securities services provider in the Italian market per revenues and by far the number one in term of number of third party clients served on our platforms.”