The Bank of New York has announced its appointment by Co-operative Insurance Society (CIS), the UK life and general insurer and investment provider, for its US$4.3 billion global custody mandate for all of CIS’s non-UK assets, which are invested in up to 20 stock markets worldwide.
“After a wide ranging review of the global custody market, we awarded the mandate to The Bank of New York because they understood exactly what we needed and offered us a complete service on competitive terms,” commented Phil Evans, head of securities processing at Co-operative Insurance. “The Bank’s depth of experience in world markets provides us with an efficient global custody service, and its relationship management team has an in-depth understanding of the UK insurance industry.”
Jeff Tessler, executive vice president and general manager of Europe at The Bank of New York, said, “CIS is one of the UK’s leading insurers with over 5 million customers, so we’re delighted that it has chosen The Bank of New York for its global custody mandate. This appointment demonstrates the breadth and depth of service that we are able to provide our clients across the world.”