NewSmith Asset Management LLP has appointed the Bank of New York to provide global custody and trustee services to its first Dublin based long-only fund. The trustee services will be provided by AIB/BNY Trust Company Limited in Dublin.
“In reviewing our custody and trustee services requirement, we were conscious of the need for a scalable service platform that can accommodate our growth in funds under management,” says Ron Carlson, chief operating officer of NewSmith Asset Management. “The Bank of New York is an excellent service provider that can deliver on this requirement and thereby facilitate the continuing rapid development of our asset management business.”
Richard Beaven, managing director of investor services at The Bank of New York, describes the NewSmith appointment as “multi-product servicing.” “The sophistication of our fund administration centre in Dublin enables us to provide a first class service to any size of fund and have the flexibility to meet the changing needs of the businesses that we support,” he says.