Bank of New York said Tuesday that it has begun providing clearing services for the securities trading and distribution division of Investec Bank (UK) Ltd.
Investec Bank is a unit of Investec Group of Johannesburg. Investec Group, which has $17.55 billion of assets, specializes in asset management and private and investment banking. It has $55.9 billion of assets under management.
Though the contract was signed in May, Bank of New York only recently starting providing the services, a bank spokesman said.
The $64 billion-asset banking company has more than $5.2 trillion of assets under administration.