UK – The Bank of New York says it has been appointed by Aon Asset Management to provide custody for $1.5bn (€1.13bn) in assets.

The deal encompasses custody, fund administration, securities lending, transfer agency and commission recapture.

Aon Asset Management provides multi-manager services to the pensions industry and is part of the risk management arm of insurance giant Aon Corp.

"The Bank of New York's expertise and commitment to the servicing of offshore funds was critical to our decision in selecting it as our custodian and fund administrator,” said George Mortimer, chief operating officer of Aon Asset Management.

“We have enjoyed a strong working relationship with them in the past, and look forward to continuing to work with them as a trusted custodian."

“We have a longstanding relationship with Aon, and this selection reaffirms their confidence in our client service and leading technology,” said Louis DiFranco, head of the global insurance division at the Bank of New York.