Custodians ING and the Bank of New York say their year-old securities services joint venture has won a E900m custody deal from Hamburg-Mannheimer – its first major win.
ING/BNY Securities Services has been chosen by the German life insurer to provide global custody services for its worldwide assets outside Germany. “This is the first major win,” says Bank of New York spokesman Ivan Royle. “There's a pretty strong pipeline.”
Eric Orlans, head of the alliance, says the appointment “validates” the venture’s business model. He adds it shows “ what is capable when a global organisation forms a relationship with a strong local player. We understand the particular benefits of having a local presence while operating in a global market and have now formed a strong foundation on which to build our business in Germany, Benelux and Central Europe."