SINGAPORE, October 12, 2017 – BNY Mellon, a global leader in investment services and investment management, has been appointed by NTUC Income Cooperative (Income) to provide global custody, fund accounting, compliance monitoring, collateral valuation and administration for their assets under management.
This award results in Income consolidating its two existing global custodians to BNY Mellon as their sole provider of investment services. NTUC Income Cooperative is the largest insurer in Singapore with US $24.3 billion net assets under management.
"We conducted an extensive and exhaustive review of providers in the market and we chose BNY Mellon’s custody services for their depth and breadth of capabilities,” said Andrew Clay, Income’s Investment Chief Operating Officer. “Coupled with BNY Mellon Eagle Investment Systems as our core platform, it was clear that the team understood our strategic vision and is extremely well placed to partner on our business transformation over the next five to ten years.”
"Income’s selection further builds BNY Mellon’s presence as one of the largest asset servicing providers in the APAC Region. This is another strong confirmation of our capabilities to leverage our offerings, including asset servicing, markets, corporate trust, and alternatives to create value for our clients,” said Samir Pandiri, CEO of Asset Servicing, BNY Mellon. “Asia Pacific is one of the world’s fastest growing economic regions and home to a rising middle-income class. The region’s demand for insurance products will grow exponentially to cater to the needs of a more sophisticated population.”
Income is Singapore's largest composite insurer, providing life, health and general insurance products to 2 million customers across the country. The company remains committed to its foundational purpose of serving the people of Singapore through insurance that is affordable, accessible and sustainable.
"With increasing focus around risk by regulators around the world, accurate and timely data for the entire investment management lifecycle has placed numerous demands upon our clients’ infrastructure,” explained John Legrand, Head of Asset Servicing Business Development, APAC, BNY Mellon. “This appointment reinforces our core capabilities in the region to provide our clients with a robust and scalable platform to support their aggressive growth plans.”
Income was established in 1970 to provide affordable insurance for workers in Singapore. Today, two million people in Singapore look to Income for trusted advice and solutions when making their most important financial decisions. Income’s wide network of advisers and partners provide life, health and general insurance products and services to serve the protection, savings and investment needs of customers across all segments of society.
Income’s social purpose is to make insurance accessible, affordable and sustainable for all. Putting people before profits, the firm strives to create and maximise value for customers. Income’s corporate social responsibility initiative, OrangeAid, focuses on children and youth, especially the disadvantaged.
In 2016, Income had over US$24.3 billion in assets under management (AUM). Its financial strength and diversified investment portfolio is reflected by strong credit ratings which underpin the delivery of the firm’s commitment to customers.
About BNY Mellon Asset Servicing and BNY Mellon
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
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, 2017, BNY Mellon had $31.1 trillion in assets under custody and/or administration, and $1.8 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. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.