NEW YORK - Julius Baer International is outsourcing its fund administration and custody services to Bank of New York, the U.S. banking company said Thursday.

The London-based asset management arm of Julius Baer, a Swiss fund manager, is the first institution in continental Europe to outsource such functions, said Bank of New York. The bank already provides outsourced investment services for a number of other institutions, including J.P Morgan Investment Management.

"Our decision to outsource these services was made after much deliberation. Bank of New York's ability to provide an integrated platform was decisive to us," said Frank Canosa of Julius Baer International, which manages assets on behalf of private clients.

Bank of New York has more than $6.8 trillion of assets under custody worldwide.

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