BNY Mellon picks up Barclays mandate 23 June 2011London Reporter: Justin Lawson
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BNY Mellon Asset Servicing, has been appointed by Barclays Wealth Funds Limited to provide transfer agency and fund accounting services to UK-domiciled assets valued at 4 billion pounds Sterling (US$6.4 million).
The new mandate builds on BNY Mellon's existing long-standing relationship with the client, and increases total Barclays Wealth fund assets under custody and administration by BNY Mellon to 17bn pounds.
The addition of these assets to Barclays Wealth Funds Limited as the Authorised Corporate Director and Unit Trust Manager also demonstrates Barclays' ongoing commitment to building its presence in the UK investment market.
David Dalton-Brown, Head of Barclays Wealth Funds, said: "I am very pleased to have this opportunity to extend our valued and business critical partnership with BNY Mellon. BNY Mellon's growing support for our business has allowed Barclays to establish itself as one of the leading multi-domicile fund companies in the market. Our relationship with BNY Mellon is a very important one - we have already successfully worked closely with BNY Mellon in a number of key business areas, including the recent successful launch of our new online Execution Only investment platform. BNY Mellon was integral in ensuring this time sensitive project was delivered as planned, together with the required high quality of multi-channel customer service."
Frank Froud, Head of EMEA at BNY Mellon Asset Servicing, said: "Our ability to address Barclays' evolving needs and our deep strategic understanding of their business goals has been the basis of our robust and successful partnership. We are delighted to have this opportunity to further expand and strengthen the valued relationship between our two organisations."
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