Bank of New York (BoNY) has been appointed by the US Borden family of companies to provide master trust and custody services for its $410m defined benefit plan.
As part of the appointment, BoNY will provide benefit payment services for about 11,000 Borden retirees - expanding their existing contract with Borden which covers the group’s defined contribution plan.
Carla Byrne, a Borden senior analyst said: We chose (BoNY) due to their human and technological resources and their ability to accommodate our needs.
“(They have) been providing outstanding service for our defined contribution plan master trust, and we feel their technology has the flexibility necessary to provide customised information to each of our defined benefit service providers.
The Borden family of companies is a diversified group of companies which includes chemicals, foods and household goods.
By Madhu Kalia
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