ABN Amro Mellon lands $1bn Winterthur custody
GLOBAL – ABN Amro Mellon has won the global custody mandate for US$1bn (€1.1bn) XL Winterthur International (XLWI), the risk management arm of Bermuda based XL Capital.
XLWI’s assets are distributed globally, and prior to its acquisition by XL Capital earlier this year, it was responsible for the industrial business of multinational corporate customers worldwide as a subsidiary of Swiss insurance and risk management group, Wintherthur.
ABN Mellon will provide core custody, record keeping and accounting services to XLWI and the deal largely results from the fact that XL Capital is an existing ABN Amro Mellon client.
Says Nadine Chakar, managing director of ABN Amro Mellon; “While this deal is essentially organic growth for us, given that XL Capital is an existing client, XL Winterthur International remains a prestige client with a global reputation.”