Marks & Spencer Financial Services has selected Mellon European Fund Services, the fund administration arm of Mellon Financial Corporation in Europe, to provide fund accounting services to its unit trust and life assurance divisions.
Mellon European Fund Services will provide fund accounting to Marks & Spencer’s Unit Trust funds and unitised Life Company funds, covering a total of 12 funds with an approximate combined value of 1billion. The funds will be serviced from one of Mellon’s administrative centres in Essex, and are expected to be converted to Mellon’s accounting platforms in the fourth quarter of 2002.
“Our choice of Mellon was based simply on its ability to provide a high quality, competitively priced service ,” says Mark Birch, Manager for Marks & Spencer Financial Services . “Flexibility was also a key concern for us, and throughout the selection process, Mellon consistently demonstrated its willingness to work with us to develop a solution that met our specific needs.”
Richard Godfrey, Managing Director of Mellon European Fund Services, adds: “We believe our fund accounting operation is second-to-none in the industry, and to have won such a prestigious name as Marks & Spencer is a great vindication of this belief.”
Other clients of Mellon European Fund Services include Legal & General, Prudential UK and Nationwide Building Society.