Operations - Roll of Honor

BNP Paribas

BNP Paribas again scored well with its core client base in North America of smaller largely equity focused funds. Client comments included: “Operationally, BNP is very responsive and they stay on top of things. Sometimes they catch things before we do and that is a great proactive approach that we are looking for in a PB” “Very effective in resolving trade issues” “We could not be more pleased with our operations team”
Overall scores in this section of the Survey were the very highest achieved by any category. 6.03 as an average equalled that seen in Client Service. The fall from 2013 was 0.11 points, which exactly matched the overall Survey results. The lowest score was seen from Rest of the World respondents on Corporate Actions. This perhaps evidences the particular challenge of distance and time zones in a market that is ever more global in nature. The excellent scores from clients in North America shows that proximity, not to mention a well staffed operation can make a difference to both the effectiveness and the perception of operational capabilities.
For BNP Paribas scores from all sizes of respondents were good. Geographically North American clients dominate and gave excellent scores. Some other regions did not score quite so highly but overall the performance of BNP Paribas was very strong.
Questions Score W/O Anomalies
Overall level of satisfaction with operations6.025.80
Ability to take ownership of your operational requirements6.065.85
Speed of resolution of breaks and reconciliation issues6.065.85
Effectiveness of corporate actions and flexibility on deadlines6.005.76
Ability to meet demands of global investments6.015.79

Two areas where operations can be challenged are in emerging markets and unusual asset classes. These are the only areas where operations elicit any meaningful differentiation in the minds of most respondents. Even here though things only get noticed if they go wrong, so differentiation is more likely on the downside than the upside. For BNP Paribas clients interested in these areas are small minority of responses. As such BNP Paribas benefitted to some extent from a scoring perspective.