BNY Mellon increases scope of ING IM mandate 13 June 2013New York Reporter: Mark Dugdale
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BNY Mellon has taken on more work from the US arm of ING Investment Management, expanding on its mutual funds mandate to include the provision of fund accounting and administration, custody, and transfer agency services for two 529 college saving plans.
ING was named programme manager for the Wisconsin Tomorrow's $1.4 billion-in-assets Scholar 529 Plan in November of 2012 and for the $150 million-in-assets Iowa Advisor 529 Plan in March of 2013.
It handles all investment, product, marketing, sales and distribution, customer service and recordkeeping activities for the two programmes.
“As the cost of higher education continues to rise, it's no surprise that college tuition has become one of the biggest concerns investors face today," said Michael Roland, managing director and COO for ING Funds. "Savings vehicles like 529 plans are becoming increasingly popular, and our goal is to provide these options as a way to help advisors and their clients meet their investment objectives with confidence.”
“BNY Mellon has been providing fund services for our mutual funds since 2003, and we look forward to expanding our successful relationship to now include these two advisor-sold 529 savings plans for Wisconsin and Iowa.”
Nancy Wolcott, executive vice president and head of client service delivery for BNY Mellon's global financial institutions group, added: "BNY Mellon is committed to providing our investment manager clients with robust servicing solutions, including 529 services, to enhance their competitiveness. We continue to invest in technology and client services to support 529 plans as well as the growing variety of investment options our clients are bringing to the marketplace."
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