LONDON, Oct. 14, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services has won the award for Best Bank for Cash Management & Custody Services 2013 at the Intelligent Insurer Global Awards dinner.
The award was the result of research by Intelligent Insurer which spent six months interviewing industry executives and going through thousands of responses. The Insurers interviewed for the research commended BNY Mellon for its expertise in custody services, its customer service and its financial strength.
"This award is a testimony to our robust operating model and fortress balance sheet," said Paul Traynor, International Head of Insurance Services at BNY Mellon. "After the financial crisis insurers reviewed their suppliers to ensure they remained robust. We have come out well because of our fee based revenue model and financial strength. New regulations such as Solvency II mean insurers have to set aside capital against counterparty risk, and it's more efficient for them to hold capital with highly-rated institutions like ourselves."
"The recent surge in new regulation means companies need to think harder about how they manage their cash," adds Dominic Broom, Head of EMEA Sales and Relationship Management, Treasury Services at BNY Mellon. "The challenge for organisations is shifting the focus from reducing and controlling the flow of cash into and out of numerous bank accounts to managing intraday liquidity positions. This is why we have introduced innovative solutions such as our Intraday Liquidity Analytics tool, which helps our clients to gain a better understanding of their payment behaviour through analysing historic data."
BNY Mellon provides a range of solutions to 78 of the top 100 life insurers and 34 of the top 50 non-life insurers. It helps insurers manage and service their investments, and holds a range of assets for them including cash, stocks, loans, mutual funds and property.
Intelligent Insurer is published five times a year to coincide with the main insurance and reinsurance events, and its readers include senior executives at insurers, reinsurers and brokers.
BNY Mellon was also a finalist in three other categories: Best Bank for Letters of Credit; Best Bank for Collateral Trusts; and Best Asset Manager. The awards were presented at the Fairmont Monte Carlo hotel during the Monte Carlo Rendez-Vous. The Rendez-Vous brings together the major players in the world reinsurance markets including reinsurers, insurers, bankers and their professional advisers.
Notes to editors:
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2013, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
A.M. Best rankings as of December 2012, compared to client data as of 31 January 2013.
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SOURCE BNY Mellon