UK - ABN AMRO Mellon Global Securities Services has replaced the Bank of New York as global custodian to the Corporation of London.
The local authority has awarded a £800m mandate to ABN AMRO Mellon to supply integrated custody, investment accounting, performance measurement and commission recapture for the funds, spanning across nineteen separate accounts.
Thomas Murray, who acted as consultants to the fund, said: “The fund had initiated a re-selection and ABN AMRO Mellon came out as a better proposition as new provider.”
Peter Derrick, The Chamberlain of London said: “Our primary objective was to ensure that our assets were held safely, by a committed provider.
“Not only did ABN AMRO Mellon offer exceptional financial stability, but they equally stood out as a consistent leader in terms of service quality, flexibility and technological strength.“
Nadine Chakar, CEO of ABN AMRO Mellon said: “I am delighted to announce another win in a key market for ABN AMRO Mellon. Our continued growth in the UK local authorities market is further endorsement of our expertise and strength in this sector.
“We look forward to a long-term, mutually beneficial relationship with The Corporation of London.”
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