BoNY wins E3.7bn CIS custody mandate

UK – The Bank of New York has been awarded a 4.3 billion-dollar (3.7 billion-euro) global custody mandate by the UK insurer the Co-operative Insurance Society.

The mandate covers all of CIS's non-UK assets, which are invested in up to 20 stock markets worldwide.

"After a wide ranging review of the global custody market, we awarded the mandate to The Bank of New York because they understood exactly what we needed and offered us a complete service on competitive terms,” said Phil Evans, head of securities processing at CIS.

He added: “The Bank's depth of experience in world markets provides us with an efficient global custody service, and its relationship management team has an in-depth understanding of the UK insurance industry."

"CIS is one of the UK's leading insurers with over five million customers, so we're delighted that it has chosen The Bank of New York for its global custody mandate,” said Jeffrey Tessler, BoNY’s European general manager.