Bankenes sikringsfond (Norwegian Banks' Guarantee Fund) has appointed BNY Mellon to provide global custody and related services for assets valued at NOK18.5bn (USD3bn). The agreement includes middle office services, investment accounting, cash management, performance measurement and risk analytics, derivatives servicing, securities lending, passive currency hedging, collateral management, transition management, and prime-broker support.Sigmund Frøyen, chief investment officer at Bankenes sikringsfond, said: "BNY Mellon's proposal was the best fit for us, both from an operational and from an economical perspective. Its track record as a back and middle office provider, offering a scalable platform with outstanding capabilities to customise to client needs, was one of a number of key attributes that influenced our decision. We had a real sense that they understood not only our organisation and our specific needs, but also the asset management mindset."
