Mellon says that UK-based Royal Liver Group has increased the scale of its mandate with the bank to provide the full range of fund services, including accounting, transfer agency and custody. This will increase the value of the assets serviced to 3 billion. Custody will be provided through Mellon’s joint venture, ABN AMRO Mellon Global Securities Services.
“The mandate is a key element of our investment strategy, and Mellon’s integration across all its services stood out in our market appraisal,” says George McGregor, Chief Executive Officer of Royal Liver Asset Managers. “The move to active manager of managers requires a specific asset servicing structure and Mellon’s development team has enabled us to concentrate on adding value to the proposition whilst simultaneously delivering a major restructuring of our investment business.”
The mandate stems from Royal Liver’s restructuring of its retail business in November 2006 and the introduction of an active manager of managers strategy across its Group assets. Mellon says a third part provider allows Royal Liver to control multiple individual managers, under separate mandates, within its own multi-manager portfolios.
As part of the enlarged mandate, Mellon will also be supporting Royal Liver in the launch of four new retail Global Managed Fund of Funds in March 2007 that will invest in its Manager of Manager funds. The new Fund of Funds will be available through fund supermarket platforms.
ABN AMRO Mellon has been awarded an additional 1.3 billion custody mandate for Royal Liver’s Life Funds. This makes the total assets serviced by Mellon for Royal Liver amount to 3 billion.
Nadine Chakar, Executive Vice President of Mellon and Chief Executive Officer of ABN AMRO Mellon, says the expansion of the relationship “demonstrates our ability to work with clients on either a fully bundled or best of breed basis and is testament to the competitiveness of our asset servicing offering.”