CSAM appoints Mellon for third party admin
UK – Credit Suisse Asset Management (CSAM) has appointed Mellon European Fund Services, the London-based fund administration arm of Mellon Financial Corporation, as third party administrator for the funds it acquired from Sun Life of Canada (SLC) last year. The funds are worth some £2.5bn (€4bn).
Mellon will provide transfer agency and other administration services for the funds which were transferred to CSAM when it took over SLC Asset Management last December.
SLC provided administration for the funds inhouse prior to the acquisition. The mandate builds on Mellon’s existing transfer agency mandate with CSAM which goes back to 1993.
Says Ian Chimes, managing director of CSAM UK funds: “Our partnership of the last nine years meant that we were confident in knowing Mellon could meet our requirements, merge some of the funds and have our operations up and running within six months of the acquisition.”
Pittsburgh-based Mellon Financial Corporation currently has some $3trn (€3.1trn) in assets under management, custody and administration worldwide, of which $610bn relates to assets under management.
CSAM, the institutional and mutual fund management arm of Credit Suisse First Boston, manages some $851bn.