Den Danske goes for Mellon relationship
Den Danske Bank, Denmark's largest commercial bank, has appointed Mellon Trust as its pro-vider of global custody, with em-phasis on the enhanced investment reporting services the bank feels Mellon can offer.
The mandate is to provide full global sub-custody services for Den Danske Bank's foreign holdings, excluding the Nordic countries, as well as supplying services including investment accounting, performance measurement, performance analytics and customised client reporting.
Susan Kristenson, head of international settlements at Den Danske, says: Our decision to appoint a global custodian was driven by the heavy demand from our customers for a global network with value-added services such as performance measurement, which most banks are now looking at. Mellon met these requirements and fitted well together with us."
According to Dan Wywoda, head of global security services Europe at Mellon, the capture of the Den Danske custody is part of a strategy to satisfy the increasing needs of banks at an international level. "We have a new concept at Mellon to form relationships with key banks throughout the globe and work with them to deliver services into the local and regional market place.
"The industry is changing at the moment with a great deal of talk about outsourcing across the in-vestment board, not only for traditional things like custody but also for developments in technology.""