BNY Mellon will collaborate with One Investment Group (OIG) in a bid to offer global custody services to Australian fund managers, trustees and responsible entities.
As part of the agreement, OIG’s fund manager clients will have access to BNY Mellon’s global custody and capital markets services, along with its technology resources.
Initially established in 2009 OIG, an independent funds management business, offers services to 250 funds holding assets of $17 billion.
“We enjoy a close relationship with BNY Mellon and share a common philosophy on the global custody business,” said Justin Epstein, executive director of OIG.
“Separately, we each have a business model of providing end-to-end administration and trust services to funds management and corporate trust clients, so forming a global custody relationship makes perfect sense.”
The move is the latest development for BNY Mellon in the APAC region following the appointment of Rohan Singh as APAC head of asset servicing earlier this month.
“This alliance creates a competitive alternative in the Australian custody market,” said John Legrand, head of asset servicing business development in Asia-Pacific for BNY Mellon.
“We continue to expand our presence in the region and offer fund managers unparalleled access to global investment services expertise and technology.”