Press Release
Royal Liver Selects Mellon for £3 Billion Asset Servicing Mandate
LONDON, February 6, 2007 — Mellon Financial Corporation's asset servicing business today announced that Royal Liver Group has increased its mandate with them 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 B.V.
This appointment emanates 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. The move allows Royal Liver to control multiple individual managers, under separate mandates, within its own multi-manager portfolios.
As part of this restructure, 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 also 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 putting Royal Liver in the top 30 of the world's outsourced mandates awarded in 2006*.
"The mandate is a key element of our investment strategy, and Mellon's integration across all its services stood out in our market appraisal. 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," said George McGregor, chief executive officer of Royal Liver Asset Managers.
"We are delighted to be partnering with Royal Liver at this important stage in their business growth. This 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," said Nadine Chakar, Mellon executive vice president and chief executive officer of ABN AMRO Mellon.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing and payment solutions and investor services. Mellon has approximately $5.5 trillion in assets under management, administration or custody, including $995 billion under management. News and other information about Mellon is available at www.mellon.com.
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