ING/BNY Securities Services, the commercial alliance between ING Group and The Bank of New York, has been chosen by Hamburg-Mannheimer N.V., Belgium to provide global custody services for the German life insurer’s Euro 900 million assets worldwide.
Eric Orlans, Head of the commercial alliance, said, “The appointment by Hamburg-Mannheimer validates the business model of the commercial alliance, and demonstrates what is capable when a global organisation forms a relationship with a strong local player. We understand the particular benefits of having a local presence while operating in a global market and have now formed a strong foundation on which to build our business in Germany, Benelux and Central Europe.”
The Alliance aims to combine ING’s local brand with The Bank of New York’s global platform and product set. Aimed at marketing to wholesale and institutional investors, it focuses on sales, marketing and delivery of global custody and related services, such as compliance monitoring, investment accounting, performance measurement and portfolio analytics to institutional clients in the Benelux, Germany and Central Europe.