Insight Investment, the fund management arm of UK banking group HBOS, has consolidated its fund accounting, depositary and custody arrangements with the Bank of New York. The appointment covers assets worth 8 billion invested in both UK and European mutual funds.
The Bank of New York, which was appointed after a competitive tender, will provide a range of investment services including depositary, custody and fund accounting. The transfer programme is scheduled to complete by the end of 2004.
“We constantly review the cost and service quality of all our outsource arrangements so that we can deliver better service at lower cost to our investors,” says David Norman, managing director of business partnerships at Insight. “We chose The Bank of New York for their service quality and because they can provide the cost effective scaleable operational platform and functionality we need to help us achieve our ambitious targets as the new force in asset management.”
This new outsourcing arrangement covers Insight’s operations in the UK, Ireland, Luxembourg and Guernsey.
“Insight is an important new relationship for The Bank of New York,” adds Tim Keaney, executive vice president and Head of Europe at The Bank of New York. “This partnership highlights our dedication to providing unrivalled multi-product support to help clients address their business demands. We look forward to helping Insight achieve its goals.”