BNY Mellon Asset Servicing, the securities servicing provider, has been appointed by APG Investments to provide derivative and complex products solutions for the managed Global Tactical Asset Allocation portfolios (GTAA) valued initially at EUR 3 billion.
BNY Mellon Asset Servicing has a distinctive offering in the industry with its fully integrated applications for derivative and complex products which includes trade capture, reconciliation, accounting, custody and daily NAV and exposure reporting. The mandate also included customised co-sourcing of activities and products of their managed portfolios in the esoteric product environment.
APG tested the institutional process controls of the platform which included on-ground personnel in APGs head office in Heerlen, Netherlands in a pilot program for a number of months before awarding the mandate to BNY Mellon Asset Servicing.
“We have partnered BNY Mellon for traditional investments and global custody services for a number of years and have always been impressed with their high quality service and flexible approach to our partnership, says Ruud Gilissen, director of investment & information services for APG Investments. “Their intuitive understanding of our business and ability to share knowledge in the accounting and valuation of more complex OTC derivatives, along with the expertise and enthusiasm of the BNY Mellon team, made them the natural choice when it came to selecting them as our partner in this venture.”
“We are honoured that APG has chosen us as its trusted partner in the processing in the derivative and complex products arena,” says Nadine Chakar, executive vice president and head of EMEA at BNY Mellon Asset Servicing. “This appointment confirms our position as the leading provider of integrated asset servicing solutions to the institutional fund sector, and underlines our commitment to product innovation and a highly consultative approach to providing such solutions within Europe, and indeed globally.”