Allied Irish and BoNY in custody tie-up
Allied Irish Bank (AIB) and The Bank of New York (BoNY) have formed a new fund administration joint venture in Dublin to target the domestic Irish and global custody and trustee businesses.
The new company, AIB/BNY Trust Company, will assume the custody and trustee services delivered currently by AIB.
AIB has built a significant market presence in Ireland over the last ten years with assets in custody now in excess of Œ75bn . The firm is also ranked number one in Ireland as trustee of funds domiciled in Dublin’s International Financial Services Centre.
This strategic move aims to facilitate customer access to BoNY services, including master custody, performance measurement and securities lending.
In 1994, AIB and BoNY established their first joint venture company in Dublin, AIB/BNY Fund Management, to provide fund administration, fund accounting and transfer agency services to collective investment schemes.
It now employs over 200 staff in Dublin’s IFSC and is one of the fastest growing of the major fund administrators in Dublin with investments under administration exceeding US$50bn.
Gerald Hassell, president of BoNY, comments: “This move creates one of Ireland’s premier providers of integrated trustee, custody and fund administration. This is a major demonstration of our commitment to the investor services business, the financial services industry in Ireland and enhances our services in Europe.”