Standard Life Investments, the global fund manager, has appointed The Bank of New York as its preferred service provider for a range of mutual fund administration services. This decision follows the announcement on April 20, 2005, that Standard Life Investments was entering into a period of detailed evaluation with The Bank of New York.
As part of the agreement approximately 60 of Standard Life Investments’ mutual fund administration team will transfer to the new service provider, effective mid-June. The Bank of New York will provide this service from its Blenheim Place office in central Edinburgh.
“Standard Life Investments has delivered award winning service to its clients ever since its inception seven years ago,” Keith Skeoch, CEO of Standard Life Investments, said. “The Bank of New York shares our passion in providing service excellence and is committed to establishing a world-class funds administration business based here in Edinburgh. Their global presence and administrative expertise will assist us greatly in introducing new products across multiple markets. This agreement should ensure that as our business grows our customers continue to receive the high level of service they associate with Standard Life Investments’ products.
“This deal also offers a great opportunity for those of our people who are transferring to The Bank of New York. They will be provided with exciting development opportunities in an environment where their skills and expertise represent the core activity of the business. They should prosper as The Bank of New York expands its business both in Edinburgh and around the globe,” he concluded.
“Our mutual fund administration capability is growing across Europe and is an integral part of our securities services businesses. Our Edinburgh office is a driver of this and the confirmation of this mandate from a business of the quality and reputation of Standard Life Investments is a reflection of the level of service that we offer today. We are very much looking forward to welcoming the Standard Life Investments’ team to our company,” Tim Keaney, executive vice president and head of Europe, The Bank of New York, said.