Mellon Financial Corporation today announced that its Mellon Global Securities Services (GSS) group has established the 80th market in its sub-custodian network of banks. With the addition of Barclays Bank of Uganda, Mellon GSS becomes the first global custodian to offer the Ugandan market as a potential investment destination for clients.
The 80th market represents a major milestone in Mellon’s global network expansion, which over the past two years has seen the corporation add, on average, a new market every 60 days. Mellon GSS’ global network is made up of subcustodian relationships with banks on six continents. It provides trust and custody transaction services for institutional and private client groups throughout Mellon and its international joint ventures, including CIBC Mellon and ABN AMRO Mellon.
“Our network growth is driven by the diversity of our clients’ investment strategies,” said James P. Palermo, president of Mellon GSS. “We’ve built a global system that stays ahead of client needs, offering them access to every market where they wish to invest. From Toronto to Sydney to Moscow, our local agents form a worldwide, world-class network that clients can rely on to support their investment strategies.”
“Barclays is pleased to be Mellon’s chosen supplier in Uganda,” said Charles Stevens, senior manager of Barclays Securities Administration-London. “We look forward to helping Mellon meet the growing need for quality securities services, both in the high-potential Ugandan market and in the five other African markets where Barclays provides services to Mellon.”