UK - Standard Life Investments has made a preliminary agreement with The Bank of New York with a view to adopting it as a provider of a range of mutual fund administration services.
William Littleboy, operations director, Standard Life Investment, said: “The mutual funds industry in the UK has been changing rapidly over recent years. Change is being driven by regulations, legislation and the slow move towards harmonisation of retail investments across Europe.
“After assessing the respective merits of a number of leading service providers, the Standard Life Investments board has decided to enter into a ‘handshake agreement’ with The Bank of New York for the outsourcing of a range of mutual funds administration services.”
Tim Keaney, executive vice president and head of Europe, The Bank of New York, added: “This is an important transaction which further positions us as a leading provider of mutual fund administration in Europe.”
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