Mellon said today that it had completed the repatriation from Clydesdale Bank (now National Custodian Services) to its in-house operation of nearly 30 billion of UK custody assets held by Mellon Global Securities Services (GSS)
The 29.7 billion of assets under administration represented about 3,500 market positions. Mellon says more than 60,000 transition transactions were processed in client accounts, with a 100 percent settlement rate. The transition occurred during the weekend of 29 March 2003, in the culmination of a six-month project.
“For such a large transfer to go so smoothly for our clients is due to the robustness of our planning process and the experience of our operations staff, together with the flexibility of Mellon’s custody processing system,” says Jack Klinck, Chairman of Mellon Europe and Executive Director of Mellon GSS International.
Klinck acknowledged the support of Mellon GSS’s former sub-custodian Clydesdale Bank, saying “Clydesdale were extremely professional in supporting the transfer process.”
Mellon says the benefits from bringing SS’s global custody assets under direct operational control include improved processing times and quicker query resolution for clients’ cash and equity transactions. The banks adds that the move also signals a continuation of Mellon’s strong commitment to building its asset servicing businesses in Europe.
The new UK sub-custody service will be provided by Mellon Global Securities Services through Mellon Bank NA, London Branch, which is regulated by the FSA.