Mellon Financial Corporation has been awarded the full administration service mandate for ABN Amro Bank’s new suite of UCITS III approved Funds, which will be marketed under the name Brushfield.
The business was unlikely to go elsewhere, as Mellon and ABN Amro are affiliated with joint bank ABN Amro Mellon.
Mellon will provide a full range of services to Brushfield. Global custody and depositary services will be provided through Mellon’s joint venture, ABN AMRO Mellon Global Securities Services B.V. Fund accounting and transfer agency will be provided by Mellon’s asset servicing division.
The first fund in the new Brushfield range, Defined Alpha 20, was launched on 7 February, linked to a volatility strategy. Under the Brushfield umbrella, it is anticipated that several additional structured funds will be launched throughout 2007 and beyond.
“We are delighted to have been selected as the asset servicing partner for the new Brushfield funds,” says Nadine Chakar, executive vice president at Mellon and CEO of ABN AMRO Mellon. “This mandate is a tremendously important win for us as it underlines the strength and breadth of our combined asset servicing offering. Our creative and flexible approach to delivering global custody, fund administration and value added services, allied to our fully integrated technology platform, ensures our clients benefit from enhanced efficiency, transparency and service quality.”