France/UK- BNP Paribas Securities Services, a subsidiary of the bank BNP Paribas, has completed the purchase of the international fund administration operation Cogent from the Australian bank AMP.

BNP’s securities services division operates everywhere in Europe except the UK, a market that will now be covered following the deal. Completion of the purchase brings together BNP’s fund servicing and custody business with Cogent’s specialisation in outsourcing and investment administration.

BNP paid e363m for Cogent and has taken over AMP’s obligation in a e13m subordinated loan to Cogent. During negotiations AMP consulted UBS Warburg and PricewaterhouseCoopers on the sale while BNP used the investment bank’s corporate finance division.

AMP acquired what is now known as Cogent four years ago when it bought Henderson. At the end of June, Cogent was administering more than £128bn (e201bn) for 70 clients in the UK, Europe and Australasia.

Cogent will be incorporated into BNP’s International Investor Services business (IIS) and Tony Solway, formerly managing director of Cogent, joins BNP’s executive committee and becomes deputy to Michel Laurent who remains head of IIS. Anthony Wolfe, Cogent’s head of strategy development retains a similar role.

Making up the remainder of the IIS executive committee are Alexis George, head of IIS for Australasia, Nick Kirk, head of IIS for the UK and Jersey and Benedicte Monneron, Frederic Perard and Christophe Vallee who, between them, are responsible for the rest of Europe.

Following completion of the deal, Michel Laurent said: “the integration phase has progressed according to plan and the complementary businesses of BNP Paribas Securities Services and Cogent will lead to a greater range of services.”