The asset servicing arm of BNP Paribas has opened its first office in South America as it positions itself to capitalise on new demand from Brazilian funds, which are now holding more assets thanks to a recent relaxation of laws governing overseas investment.

The French bank has been in the Latin American nation since the 1950s and had been offering basic asset safekeeping to its Investment Partners' clients. However, the company's fund management clients will now be able to access the full range of asset servicing options available to the rest of its global client base.