BNY Mellon Asset Servicing, a unit of Bank of New York Mellon Corp., has been reappointed by Marshall & Ilsley Corp. as global custodian for its trust and outsourcing clients, which have more than $1 billion of assets.
The contract award, which was announced Tuesday, extends a relationship that began in 2002 with the premerger Bank of New York Co. Inc. Mike Dunne, a spokesman for BNY Mellon Asset Servicing, said the contract comes up for bid every five years and this year's merger between Bank of New York and Mellon Financial Corp. had no bearing on the bidding.
The asset servicing unit supplies accounting, foreign exchange, cash management, and processing services to Marshall & Ilsley, a Milwaukee banking company with $56.5 billion of assets at June 30. It offers specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution.
