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Standard Life taps Mellon for fund servicing

IRELAND - Standard Life Investments has tapped Mellon Financial to service an $11bn (€9.1bn) Dublin-based money market fund.

Mellon said its businesses began running assets for the umbrella fund, which comprises dollar, euro and sterling sub-funds, at the start of this month.

It said: "The service includes fund administration, global custody and trustee services. Global custody is provided through the international custody joint venture, ABN Amro Mellon Global Securities Services."

Mellon added the deal means it now has around $25bn in administration at its Dublin businesses, which have 75 employees.

"We were very comfortable with the strength of Mellon's client servicing abilities and its ability to tailor operational solutions to our specific needs for Standard Life Investment's AAA-rated fund," said Kevin Thompson, head of money market funds at Standard Life, in a Mellon statement.

"This mandate represents another milestone for Mellon in Dublin, endorsing the quality of our service proposition," said Mellon's George McKay, head of international investment manager solutions.

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