NETHERLANDS – Custody provider ABN Amro Mellon Global Securities Services is taking on 22 staff from F&C as part of a Dutch outsourcing deal.
F&C has appointed the venture to manage client and fund administration activities for its 181 institutional clients in the Netherlands. The move builds on a seven-year relationship between the firms.
The client and fund administration staff have joined ABN AMRO Mellon's Amsterdam office. Financial terms were not disclosed.
Service providers are increasingly taking on asset managers’ back office staff, with executives saying it allows the firms to concentrate on their core business.
Last week it emerged that around 30 of Hermes Pensions Management's 300 staff were to transfer to the Bank of New York in an outsourcing deal involving more than £50bn (€73.9bn) in assets.
ABN Amro Mellon – a 50/50 venture between the Dutch bank and Mellon Financial Corp. - says it will also be able to provide additional administration capabilities to other clients and prospects, as an additional value-added service to global custody mandates.
"This appointment reflects a natural evolution of the excellent partnership we have had with ABN Amro Mellon since 1998,” said F&C director Henk Breukink.