The Bank of New York has formed a joint venture with AIB Securities Services, the fund administration and custody arm of Allied Irish Banks, to become the latest player in Europe's third party fund administration market.

The new company, AIB/BNY Fund Management (Ireland) has been operating as an alliance since 1994 with BoNY providing global custody and AIB acting as Irish trustee to offshore funds of US promoters. The new venture will therefore set off on a good footing with a combined sum of more than $7bn in fund assets under management.

The company will perform all trustee and administration duties for overseas fund sponsors which establish Irish collective investment vehicles, including fund accounting and transfer agency.

This latest move follows a wave of third party administration ventures set up last year, such as European Fund Administration, FastNet and Paribas Fund Services, aimed at tackling the European cross border funds marketplace.

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