GLOBAL - Standard Life Investments has confirmed it has appointed the Bank of New York as its service provider for a range of mutual fund administration services.
The decision follows its announcement last month that it had made a preliminary agreement with the firm over the deal.
Under the agreement, about 60 of Standard Life’s mutual fund administration team will transfer to Bank of New York, effective Jun 16. The Bank of New York will provide the service from its Edinburgh office.
“[Bank of New York’s] global presence and administrative expertise will assist us greatly in introducing new products across multiple markets,” said Keith Skeoch, CEO of Standard Life.
“This deal also offers great opportunity for those of our people who are transferring to The Bank of New York. They will be provided with exciting development opportunities in an environment where their skills and expertise represent the core activity of the business.”
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