BNY Mellon Asset Servicing Appointed as Global Custodian by the Norwegian Banks' Guarantee Fund

Jun 16, 2010, 05:12 ET from BNY Mellon

LONDON, June 16 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, has been appointed by Bankenes sikringsfond (Norwegian Banks' Guarantee Fund) to provide global custody and related services for assets valued at NOK 18.5 billion ($3 billion).

Bankenes sikringsfond has taken a full complement of BNY Mellon products and services: global custody and middle office services; investment accounting; cash management; performance measurement and risk analytics; derivatives servicing (via Derivatives360 product suite); securities lending; passive currency hedging; collateral management; transition management; and prime-broker support.

BNY Mellon was shortlisted and then selected following a detailed RFP process overseen by consultants Mercer.

Sigmund Froyen, Chief Investment Officer at Bankenes sikringsfond, said: "BNY Mellon's proposal was the best fit for us, both from an operational and from an economical perspective. Its track record as a back and middle office provider, offering a scalable platform with outstanding capabilities to customize to client needs, was one of a number of key attributes that influenced our decision. We had a real sense that they understood not only our organisation and our specific needs, but also the asset management mindset."

Other factors included BNY Melon's commitment and focus around securities servicing, its experience in building bespoke technology integrations, its adherence to best practices and its ability to offer a reporting platform with strong drill-down capabilities, both from an accounting and a risk and performance perspective.

Frank Froud, Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "Bankenes sikringsfond's decision to partner with us demonstrates the strength of our proposition in the Nordic region. Our appointment underlines the truly end-to-end nature of  our offering, which allows us to meet clients evolving needs in today's uncertain and increasingly complex operating environment – and so ensure they have the tools and the expertise they require to meet all their business goals."

Notes to editors:

The Norwegian Banks' Guarantee Fund – All banks with a head office in Norway, and subsidiaries of foreign banks, shall according to the law be members of The Norwegian Banks' Guarantee Fund. The Guarantee Fund is an important element of the security net within the banking sector. The main task of the Fund is to cover deposits in member banks. The law states that deposits in a bank are absolutely guaranteed up to a total amount of 2 million NOK. Additional information is available at

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon 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. BNY Mellon 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 $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at