Gerling NCM, a Dutch-based provider of credit insurance, has selected ABN AMRO Mellon to provide global custody and other services to its Euros 1.1 billion fund. This appointment builds on an existing relationship with the former Dutch company NCM, which became Gerling NCM in December 2001 when NCM merged with the Gerling Credit Insurance Group.
“The creation of a new company formed from two existing operations necessitated a review of our global custody arrangements ,”says .Rolf Kooijman, Director of Finance for Gerling NCM. “Key concerns for us were an excellent accounting function and the ability to gain a clear global overview of custody activity; the existing relationship between NCM and ABN AMRO Mellon assured us that ABN AMRO Mellon provides the best match for these requirements.”
In addition to core custody, ABN AMRO Mellon will provide global accounting, performance measurement and attribution services for the fund, which consists mainly of equities and bonds invested in nine markets across Europe and the Americas. The Gerling NCM account will be serviced from ABN AMRO Mellon’s centres in Breda and Amsterdam. Initial conversion is scheduled for the current quarter.
“We are delighted to extend our relationship with NCM, in its new incarnation as Gerling NCM,” says Nadine Chakar, Chief Executive Officer of ABN AMRO Mellon. “This is a fantastic endorsement of the professionalism and commitment of all our staff, and we look forward to a long and fruitful relationship with Gerling NCM.”
Gerling NCM holds a 25 percent share of the credit insurance market, protecting world trade worth around EUR350 billion.