PR Newswire
LONDON
(NYSE:BK)
Jan 18, 2008
LONDON, January 18, 2008 — BNY Mellon Asset Servicing, the global leader in securities servicing, has been appointed by engage Mutual Assurance to provide fund accounting services to its range of life assurance funds valued at over £625 million.
engage Mutual Assurance carried out a thorough review of asset servicing providers before choosing BNY Mellon Asset Servicing as its preferred partner.
BNY Mellon Asset Servicing has acted as global custodian since 2005 for engage Mutual Assurances wholly owned subsidiary, engage Mutual Funds Limited.
Explaining the decision to outsource, Andrew Haigh, CEO at engage Mutual, said: "The outsourcing of our fund accounting services will allow us to focus on our core business of helping people to protect their welfare by providing simple, accessible, value-for-money savings and protection products. BNY Mellon Asset Servicing has proven to be a strong and trustworthy partner as our custodian and we are confident that they are the most prudent choice for our fund accounting and to help us achieve our long-term business goals."
Nadine Chakar, executive vice president and head of EMEA for BNY Mellon Asset Servicing, added: "We continue to see demand from our clients to outsource components of their business whether this is back, middle or front office, or a combination of all three. This mandate with engage Mutual is a testament to our ability to partner our clients and find the best solutions as their businesses evolve. We will be working very carefully with engage Mutual over the coming months to ensure a smooth transition during this strategically important phase in the company's history."
Tim Keaney, co-CEO of BNY Mellon Asset Servicing, said: "This appointment demonstrates a tangible benefit of the merger where we have successfully introduced a new capability of the combined organisation to an existing client. This cross-sale opportunity would not have happened had we not merged and is an example of why we are a stronger asset servicing company post merger."
About BNY Mellon Asset Servicing
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialised asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.
About engage Mutual
engage Mutual is one of the larger UK friendly societies providing simple, value for money savings, protection and investment products, and helps over 330,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market. The Society prides itself as a family-oriented, modern mutual, and is title-sponsor of the engage Super League. More information on engage Mutual is available at www.engagemutual.com.