BNY replaces Citi for €8bn Sicav brief

14.10_HandshakeStandard Life Investments (SLI) has replaced Citigroup with BNY Mellon Asset Servicing for services such as custody for its global Sicav fund.

The mandate also covers fund accounting, transfer agency and corporate & domiciliary services.

Domiciled in Luxembourg, the Sicav has assets under management in excess of €8bn across 20 sub-funds and is viewed by SLI as its key vehicle for achieving increased global distribution.

Mike Tumilty, director of operations at SLI, said BNY Mellon already supported key areas of SLI’s UK business and said he was pleased to appoint the asset servicing firm to “provide the necessary support to what is an area of increasing strategic importance to Standard Life Investments”.

Ross Whitehill, head of offshore at BNY Mellon Asset Servicing, said: “Our introduction of share class hedging for the Sicav and global distribution support capabilities to support SLI's planned expansion in the Asia-Pacific region were key elements of our proposition to Standard Life Investments.”

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