ABN Amro has won another custody mandate in its stated target market: the insurance sector. XL Winterthur International- a subsidiary of the Bermuda-based XL insurance and reinsurance group, which purchased Winterthur International from Credit Suisse Group earlier this year – has placed global assets valued at $1 billion with the America-Dutch custodian bank. It will provide custody, record-keeping and accounting services. XL Capital was an existing client of ABN Amro Mellon.
Despite the advantage of being on the inside track, this win confirms that the three year old, jointly owned ABN Amro-Mellon custody operation is gathering momentum. The Winterthur win follows the 2.7 billion ($3.9 billion) Marconi pension fund mandate in May this year and the 350 million ($508 million) mandate for the BBA Group pension fund earlier in November. Though assets in custody at ABN Amro Mellon are still dominated by the giant ABP pension fund, the bank has also won business from Hertfordshire and Derbyshire county council pension funds and the Irish post office.