BNY Mellon has extended its existing relationship with financial services group Eureko of the Netherlands to provide global custody and value added services for group assets valued at 38 billion.
Privately-owned Eureko group has operations in 12 countries across Europe and offers a full range of insurance and related services: life and non-life cover, pension products, health insurance, banking and asset management.
In addition to global custody, BNY Mellon will provide fund and investment accounting, fund administration, regulatory reporting, performance measurement, compliance monitoring, transfer agency and cash management solutions.
Eureko originally appointed BNY Mellon in 2008.
Leonique van Houwelingen, country executive for the Netherlands and head of Continental Europe, Asset Servicing at BNY Mellon, said: Eureko is one of our most valued clients in the context of both the Netherlands and the wider European marketplace. We look forward to capitalizing on this opportunity to expand the robust and successful relationship we have already forged with them over the past three years.
The extension of the relationship follows an announcement by BNY Mellon last week that it has launched direct custody and settlement services in the Netherlands. The company has established a direct contractual arrangement with Euroclear Netherlands enabling its broker-dealer services clients more timely access to the Dutch market, through maximizing pre-matching and turnaround capabilities. Clients in this market will have the ability to use a later deadline for security instructions and will benefit from quicker updates for transaction reporting, said a statement from BNY Mellon.
BNY Mellon has around 20-25% of the total custodiable institutional business in the Netherlands. The company does not disclose its assets under custody on a market-by-market basis.
(JDC)