Sections

BNP Paribas hired for MAN's CTA

German truck maker and engineering group MAN has hired BNP Paribas as the global custodian for its contractual trust arrangement (CTA) – an external fund the engineering group set up last year to finance pension liabilities.
BNP Paribas said that under the mandate, it would provide global custody, accounting and investment compliance monitoring for e500m in assets to be invested by MAN’s CTA.
Last June, IPE broke the news that MAN was removing e1.7bn in pension liabilities from its balance sheet to have them ultimately financed via a CTA.
The firm, listed on Germany’s blue-chip Dax index, said the move followed its adoption of International Accounting Standards (IAS).
Following this MAN hired consultant Rauser Towers Perrin to advise it on the construction of the contracted trust.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2467

    Asset class: Search for a broker (mainly ETFs).
    Asset region: Global.
    Size: 250m.
    Closing date: 2018-08-28.

  • DS-2468

    Closing date: 2018-08-24.

Begin Your Search Here