In a highly contested mandate, The Bank of New York has emerged as the State Oil Fund of Azerbaijan’s appointed global custodian, the bank announced Wednesday.
The State Oil Fund of Azerbaijan was reportedly considering seven other competitors before selecting The Bank of New York. SOFAZ’s increased assets opened a need for the fund to rationalize its custody operations and a requirement for more complex systems, which SOFAZ officials say BNY can fulfill.
“This appointment reflects our experience, success and proven track record in the custody sector,” says Avere Hill, managing director, The Bank of New York. “We are committed to building on the bank’s position as a market leader and are looking forward to working with SOFAZ to assist in its long-term growth.”