The Investment Manager Solutions group at Mellon says its Dublin operation has been appointed to service ABN AMRO’s Dublin-domiciled money market fund. Given that ABN Amro has a custody joint venture with Mellon, the American bank will be seen as having enjoyed an inside track.
The US$4 billion umbrella fund, which consists of US dollar, euro and sterling sub-funds, is looking to Mellon for fund administration and trustee services. Global custody is provided through the joint venture Mellon has with the Dutch bank, ABN AMRO Mellon Global Securities Services.
Mellon says the value of funds under administration by its Dublin-based businesses is now approximately US$35 billion.
“Mellon’s experience in servicing this type of fund was a key factor in our decision to appoint them,” says Sander Boelen, Director of Sales, Liquidity Management Services, at ABN AMRO Asset Management. “We were also impressed with their ability to tailor their service offering according to our particular requirements.”
Harley Murphy, Country Manager for Mellon’s Irish businesses, describes the mandate as “a prestigious win.”