Norwegian Banks' Guarantee Fund selects BNY Mellon
17 June 2010 London
Image: Shutterstock
BNY Mellon Asset 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 (USD 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 Mellon'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."
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 Mellon'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."
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