DWS Group GmbH & Co. KGaA will transfer its fund administration activities, based mainly in Germany, to BNP Paribas Securities Services.

Under an agreement, the BNP Paribas SA subsidiary will become the active management services provider of funds managed by DWS in Germany and Luxembourg. BNP Paribas Securities Services will also offer custodian and conservation banking services for DWS retail client funds in the two countries.

The agreement covers €240 billion of assets. The transactions are subject to approvals by the parties' respective governing bodies and by regulatory authorities. Completion of the transactions is expected by the end of the year for the fund administration mandate and in 2019 for the retail-funds mandate.