EUROPE - Dutch financial services firm ING Group and The Bank of New York have launched a new global custody service for European institutional clients called ING/BNY Securities Services.
The move is largely in response to ABN Amro’s 50-50 tie-up with Mellon as well as State Street’s business boosting acquisition of Deutsche Bank’s custody unit. Both deals took place last year.
ING and BNY first touted an alliance in October 2002. The new service also includes compliance monitoring, investment accounting, performance measurement and portfolio analytics to institutions in the Benelux, Germany and Central and Eastern Europe.
In Germany it will also offer depot-banking services via ING's subsidiary, BHF Bank.
Eric Orlans, formerly a member of the management committee of ING Investment Management Europe, will head the firm which has drawn senior executives from both ING and BNY
“By combining ING's local presence and market expertise with The Bank of New York's global leadership and product expertise, ING/BNY Securities Services will deliver industry-leading securities services through a local network,” said ING/BNY in a joint statement.
ING Investment Management, Benelux, will now outsource its custody to the new firm. ING said that it will now channel most of its in-house global custody requirements to BNY.
ING already outsources the servicing of its US managed asset account business and its Pilgrim (ING Funds) complex of mutual funds to BNY. It is looking to extend the mandate to outsource its equities settlement processes.
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