FRANKFURT, November 1, 2011 — BNY Mellon, the global leader in investment management and investment services, has been appointed by Hamburger Sparkasse AG (Haspa) to provide technical services related to investment limit reviews in Haspa's depository banking business.
BNY Mellon Service KAG will provide administration for special fund assets valued at approximately EUR 1.4 billion on behalf of Haspa, which becomes its eighth outsourcing client.
As part of this mandate, BNY Mellon Service KAG will provide daily support to Haspa to ensure that Haspa's special fund mandates comply with their statutory and contractual investment limits on each valuation date.
Carsten Hoever, division head at Haspa, said BNY Mellon Service KAG's ability to tailor its outsourcing offering to meet Haspa's specific requirements was a key factor in its decision. "BNY Mellon listened to us and designed the concept that best meets our needs," Hoever said. "Furthermore, BNY Mellon Service KAG was able to provide a very strong set of references to support its proposal. As our new provider, BNY Mellon will provide us with a professional services built on state-of-the-art technology and so allow us the freedom we need to focus on our core business."
Thomas Grunewald, Managing Director of BNY Mellon Service KAG, said: "This new outsourcing appointment underlines the strength and flexibility of our service model. There are a number of ways in which depotbanks can meet the additional regulatory requirements that have recently been imposed, and one compelling option is to outsource individual processes and services to a specialist institution."
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972. Following its acquisition in August 2010 of BHF Asset Servicing and Frankfurter Service KAG, the company now has more than 550 employees in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, collateral management, depository receipts and client management. It has over 200 institutional relationships in Germany, including more than 20 DAX-listed corporations, and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.
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 and through 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 The Bank of New York Mellon 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. Authorised and regulated by the Dubai Financial Services Authority.