BNP Paribas Securities Services has opened a new office in Sao Paulo, Brazil, the latest move in its new markets expansion drive.

BNP Paribas has been offering complementary custody services to Brazilian clients for many years through its investment partners business. The BNP Paribas Securities Services operation will be the first official custody provider for the group, based in Sao Paulo, which is currently being run by a team of 14 with plans to grow.

Marcia Rothschild has been appointed head of BNP Paribas Securities Services Brazil. Ms Rothschild has relocated to her home country from New York where she was previously head of sales and relationship management for institutional investors for BNP Paribas Securities Services in the US. She joined BNP Paribas Securities Services eight years ago and has over 15 years of financial services industry experience.

Patrick Colle, CEO of BNP Paribas Securities Services, said: “This is yet another step in our new markets expansion, opening our first location in South America. We are very excited to be up and running in this important region. The BNP Paribas group already has a strong presence in asset management, fixed income and equities, giving BNP Paribas Securities Services a broad client base to deliver asset servicing capabilities. We shall target both international clients looking to invest in Brazil as well as domestic institutions.”