M&G has re-appointed Mellon European Fund Services, the fund administration arm of Mellon Financial Corporation in Europe, and extended the range of fund accounting services it buys from the American bank.
M&G, the UK and European investment arm of Prudential plc, has assets under management of more than £111 billion. It offers investors a range of over 45 funds, and manages funds on behalf of the Prudential and Scottish Amicable.
“We are very pleased to not only extend our partnership with Mellon, but also recognise their high standards of service and value by awarding them the additional mandate,” says Martin Lewis, Chief Operating Officer for M&G.
Mellon European Fund Services will provide accounting services for an additional 29 unit trusts and more than 130 life and pension funds under the Scottish Amicable brand, as well as renewing the contract for its existing services to Prudential for their unit trusts and life and pension fund ranges.
Richard Godfrey, Managing Director of Mellon European Fund Services, said he was “delighted to renew our existing strong relationship with The Prudential Group and add significant additional business as well. This is a further endorsement of Mellon’s market-leading standards and we look forward to the continued building of this partnership with an organisation of Prudential’s quality and vision.”