AMSTERDAM, March 5, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by CZ Group to provide custody and value added services to support the launch of a new Fonds voor Gemene Rekening (FGR) pooled investment structure.
Based in Tilburg the Netherlands, CZ Group is one of the leading health insurance companies in the Netherlands. In late 2011, it adopted a new investment approach that involved the introduction of a FGR fund structure with related investment pools.
BNY Mellon was selected to set up an unitisation process to support the administration of participants' assets in the pools, a process that has now been successfully completed.
BNY Mellon will also provide enhanced general ledger functionality, replacing CZ Group's existing sub-administration system with comprehensive data delivery capabilities via Workbench, BNY Mellon's online information delivery portal.
Yvo Boon, Head of Asset Management at CZ Group, said: "BNY Mellon has been instrumental in helping us transition to the new FGR structure. Their proven fund accounting and unitised fund administration services, in combination with excellent client service, were critical to our decision to extend our relationship."
Leonique van Houwelingen, Country Executive for the Netherlands, said: "CZ Group recognises our unique position in the Dutch market when it comes to supporting complex FGR fund structures. The enhanced general ledger functionality in particular will result in further efficiencies and cost reductions for CZ. We are very pleased to extend our successful relationship with this valued Dutch insurance client."
Notes to editors:
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon SA/NV to members of the financial press and media.
All information and figures source BNY Mellon International unless otherwise stated as at December 31, 2011.
The Bank of New York Mellon SA/NV is a Belgian public limited liability company (societe anonyme/naamloze vennootschap), with V.A.T. number BE 0806.743.159 and company number 0806.743.159 Brussels RPM-RPR, with statutory address 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a credit institution by the National Bank of Belgium (NBB), and a subsidiary of The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, with head office at One Wall Street, New York, NY 10286, U.S.A. BNY Mellon Asset Servicing is the brand name of The Bank of New York Mellon SA/NV.
SOURCE BNY Mellon