Bank of New York said it was appointed by American Express Financial Advisors as global custodian of $6.3 billion of international assets in the American Express/IDS family of mutual funds.

The custody responsibilities shifted to Bank of New York from Chase Manhattan two weeks ago, said Lawrence Welte, vice president of investment administration at American Express Financial Advisors. The IDS family has $70 billion of assets under management, the remainder of which is administered by American Express Bank and U.S. Bancorp.

Bank of New York acts as global custodian for 1,700 mutual fund portfolios in 111 families. It holds more than $1.1 trillion in global custody assets.

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