BNY Mellon Asset Servicing, and BHF Asset Servicing have agreed the terms of a new partnership in response to BHFs recent decision to move its depotbanking, custody and securities services to a separate bank.
The key products that both companies will now be able to provide include transition management, commission recapture and futures clearing. The previous three-year agreement in place between BHF and BNY Mellon included a partnership in the depotbank arena.
BHFs new depotbank also comprises the asset administration specialist Frankfurter Service KAG and operates under the name BHF Asset Servicing GmbH.