BNY Mellon Asset Servicing has been awarded a full administration mandate by Christian Brothers Investment Services, Inc. (CBIS) for its new offshore UCITS III fund range, CBIS Global Funds plc, domiciled in Ireland.
CBIS, a leader in Catholic ethical investing (also known as socially responsible investing or SRI) with approximately USD4 billion in assets under management, was founded in 1981 by the Brothers of the Christian Schools, more widely known as the De La Salle Christian Brothers. Its mission is to provide trusted ethical investment management services to Catholic organisations, including dioceses, parishes, religious congregations, colleges and universities and health care institutions.
BNY Mellon has acted as CBISs asset servicing provider since 1990 providing primarily custody services to their US-based funds. BNY Mellon has been appointed to provide fund administration, custody and trustee services to CBISs new European funds range. The new UCITS III funds will mirror CBISs US-based ethical funds model and will be initially marketed in France, Ireland, Italy and Spain.
We have a long-standing relationship with BNY Mellon in the U.S. and have been very impressed with the excellent service the team has delivered, said Michael W. OHern, Chief Executive Officer at CBIS. After a review of the market, we decided that BNY Mellons expertise in launching and administering Dublin-based UCITS funds made them the best choice to serve as CBIS Globals partner in serving Catholic institutions throughout the EU and beyond.
Ross Whitehill, head of offshore management, at BNY Mellon Asset Servicing, said: The ethical investment sphere is evolving at a rapid pace. SRI funds have proven popular over the last few years, as companies with an active focus on environmental, social and corporate governance issues have benefited from growing political and consumer support.
This has been an exciting project for both CBIS and BNY Mellon as we strive to support the continued development of this important investment philosophy.