Bankenes sikringsfond has moved from a dual custody services set-up to appoint BNY Mellon as sole custodian for all global custody and related middle and back office operations. Previously, the $3 billion Norwegian Banks’ Guarantee Fund used J.P. Morgan for global custody operations, and regional vendor Storebrand for middle and back office services.
Discussing why BNY Mellon won the mandate, Sigmund Fryen, Chief Investment Officer at Bankenes sikringsfond said: The most important factor was the back and mid-office operations where we also use Bloomberg AIM as a front office system, and connectivity to that system was very important for us. BNY Mellon already has clients using the same platform, so the references there were quite convincing. But besides that you also have all the additional services in terms of reporting abilities, such as BNY Mellons WorkBench, which seems to be quite outstanding with a lot of drill down possibilities.
BNY Mellon was selected following a RFP process overseen by Mercer.
Giles TurnerNews Editor