DUBLIN, 18 March 2011 — BNY Mellon Trust Company (Ireland) Limited has been ranked as the #1 Trustee provider and came in second place for its wider global custody services, as ranked by 36 different fund promoters operating out of Dublin, according to the 2010 Dublin Trustee & Custody Survey conducted by R&M Consultants.
These R&M results continue BNY Mellon's strong run in industry surveys, following recent confirmation that BNY Mellon retained its position as the #1 provider in Ireland (by assets held) in Lipper's Ireland Custodians Combined Market Share Ranking. This ranking includes both Irish domiciled and non-Irish domiciled funds with custody in Ireland.
The survey by Lipper, the Thomson Reuters research company, revealed that BNY Mellon's1 total assets under custody were US$250.32 billion (as at 30 June 2010) — which equates to a market share of 22.42%. And, according to Lipper, if the recent acquisition of PNC GIS had taken place by June 30, BNY Mellon's total assets under custody would have been US$307.48 billion — a market share of 27.54%.
"We believe Ireland will continue to play a very strong role in the European funds industry, as it is an excellent place to position business due to good governance, a strong regulatory base, and an attractive tax structure,' said Anne King, Head of Trust & Depositary for BNY Mellon in Ireland. "Our status as #1 provider has been achieved through the hard work and dedication of the teams here in Cork and Dublin over the past few years.
"We are proud of our reputation as a trusted partner, and this has been recognised by our clients in the survey. In 2011, we will continue to do what we do best, deliver outstanding client service, invest in cutting-edge technology, pioneer new innovative products and attract and retain the best talent the industry has to offer."
BNY Mellon opened its first office in Ireland in 1994 and received approval from the Irish Financial Regulator to establish a new bank licensed entity in Ireland in 2009. The company currently employs over 1,700 employees in Ireland, located in Cork, Wexford, Navan, and Dublin and offers a broad range of services to traditional and alternative asset managers, banks, pension funds and insurance companies including asset servicing and corporate trust.
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 $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 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.
1 BNY Mellon Trust Company (Ireland) Limited
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 The Bank of New York Mellon unless otherwise stated as at 31 December 2010. BNY Mellon Trust Company (Ireland) Limited is regulated by the Central Bank of Ireland.