BNY Mellon Asset Servicing has been appointed by engage Mutual Assurance to provide fund accounting services to its range of life assurance funds valued at over 625 million.
engage Mutual Assurance carried out a thorough review of asset servicing providers before choosing BNY Mellon Asset Servicing as its preferred partner.
BNY Mellon Asset Servicing has acted as global custodian since 2005 for engage Mutual Assurances wholly owned subsidiary, engage Mutual Funds Limited.
“The outsourcing of our fund accounting services will allow us to focus on our core business of helping people to protect their welfare by providing simple, accessible, value-for-money savings and protection products. BNY Mellon Asset Servicing has proven to be a strong and trustworthy partner as our custodian and we are confident that they are the most prudent choice for our fund accounting and to help us achieve our long-term business goals,” says Andrew Haigh, CEO, engage Mutual.
“We continue to see demand from our clients to outsource components of their business whether this is back, middle or front office, or a combination of all three. This mandate with engage Mutual is a testament to our ability to partner our clients and find the best solutions as their businesses evolve. We will be working very carefully with engage Mutual over the coming months to ensure a smooth transition during this strategically important phase in the company’s history,” says Nadine Chakar, executive vice president and head of EMEA, BNY Mellon Asset Servicing.
“This appointment demonstrates a tangible benefit of the merger where we have successfully introduced a new capability of the combined organisation to an existing client. This cross-sale opportunity would not have happened had we not merged and is an example of why we are a stronger asset servicing company post merger,” adds Tim Keaney, co-CEO, BNY Mellon Asset Servicing.