The Bank of New York announced that it is to provide services to its first Belgium domiciled mutual fund client, AXA B Fund. Services that will be provided to the fund initially include fiduciary, portfolio compliance, monitoring and custody.
The appointment follows the establishment of a Belgian branch, in December 2001, of The Bank of New York (Luxembourg) S.A. The branch was established specifically to cater to the growing demand from mutual funds for third party custody and administration services across continental Europe.
Jeffrey Tessler, European General Manager, The Bank of New York, commented:
“We are delighted to provide services to such a prestigious fund and look forward to a long and mutually beneficial relationship with AXA Belgium.”