The Bank of New York has been selected by Capita Financial Group – a UK provider of Authorised Corporate Director (ACD) and Unit Trust Manager (UTM) solutions – as preferred supplier of trustee, depositary and custody services to the underlying funds that Capita administers on behalf of its clients.
The deal involves approximately 12 billion of assets, which represents about 85% of Capita Financial’s current assets under administration. The Bank of New York will also provide technology and servicing infrastructure to enhance Capita Financial’s position as the UK’s ACD and UTM solutions provider of choice.
“By consolidating contracts with a reduced number of suppliers we have enhanced the value for money our funds receive from our trustee, depositary and custodial arrangements,” said Keith Marsden, CEO of Capita