BNY Mellon Service KAG has been appointed by German financial services provider Hamburger Sparkasse (Haspa) to provide technical services related to investment limit reviews in Haspas depository banking business.
The Germany-based subsidiary of BNY Mellon will provide administration for 1.4b billion worth of special fund assets valued on behalf of Haspa, which becomes its eighth outsourcing client. The service providers support will ensure Haspas special fund mandates comply with their statutory and contractual investment limits on each valuation date.
Carsten Hoever, division head at Haspa, said BNY Mellon Service KAGs ability to tailor its outsourcing offering to meet Haspas specific requirements was a key factor in its decision. BNY Mellon listened to us and designed the concept that best meets our needs, Hoever said. Furthermore, BNY Mellon Service KAG was able to provide a very strong set of references to support its proposal.
Thomas Grnewald, managing director of BNY Mellon Service KAG, said: This new outsourcing appointment underlines the strength and flexibility of our service model. There are a number of ways in which depotbanks can meet the additional regulatory requirements that have recently been imposed, and one compelling option is to outsource individual processes and services to a specialist institution.
(JDC)