BNP Paribas Securities Services (BNPPSS) has retained its cornerstone client in Australia, extending its custody and fund administration contract with the AMP group out to September 2009.

The renewal negotiations were an early test for BNPPSS’ new Australian boss, Jean-Marc Pasquet, who now also faces two more major clients coming up for periodic review – NSW Workcover and the New Zealand Superannuation Fund. AMP chief financial officer, Paul Leaming, commented: “;After considering a number of options for the way we source administration services, we believe a continuing relationship with BNP Paribas is the best option.”;