LONDON, November 10, 2011 — BNY Mellon, the global leader in investor services, has been jointly appointed with Nykredit, one of Denmark's leading financial services groups, to provide global custody, fund administration and related services for Lønmodtagernes Dyrtidsfond's (LD) professional investment fund assets, currently valued at DKK50 billion (US$10 billion).
Lønmodtagernes Dyrtidsfond (LD) is an independent fund established in 1980 by the Danish government. LD's task is to manage and pay out the funds originating from the payments of so-called 'frozen cost-of-living allowances'.
BNY Mellon and Nykredit were selected following a comprehensive European Union tender process. LD has awarded BNY Mellon and Nykredit Bank the mandate for global custody and related services. Nykredit Portefølje Administration has been appointed to oversee day-to-day administration.
Lars Wallberg, Chief Financial Officer at LD, said: "Nykredit and BNY Mellon's joint proposal was the best fit for us, based on the sophistication of their solutions for institutional investors, focus on service quality and superior reporting solutions. I believe that we will have the market's best online tools for our investment team. The solution offers the advantage that we will be able to phase out our existing portfolio management system entirely and thereby reduce our overhead."
Frank Froud, Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "LD's decision demonstrates the strength of our proposition in Denmark and the wider Nordic market. Our global organisation, technology and processes will directly support LD's broad asset servicing needs in addition to supporting LD via access to BNY Mellon's full suite of value added services."
Jim Isager Larsen, Managing Director of Nykredit Portefølje Administration, said: "Nykredit and BNY Mellon have established a strong track record in working together in the Danish market to service many of the market's leading institutional investors. This is the most thorough, detailed and professional EU level tender process we have taken part in to date and demonstrates that we can win in direct competition with the best in Europe. LD has taken a full complement of our combined product suite."
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 a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com or follow us on Twitter @bnymellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon International unless otherwise stated as at September 30, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. Authorised and regulated in the UK by the Financial Services Authority.