Bank of New York Co. announced Monday that it has opened a subsidiary in Luxembourg to expand its global fund administration businesses.
Bank of New York (Luxembourg) SA will offer global custody, fund accounting, fund administration, transfer agency, and foreign exchange services. It is located in the city of Luxembourg.
Bank of New York already offers offshore fund administration in Dublin through a joint venture with Allied Irish Banks.
However, many clients and prospects are setting up investment funds domiciled in Luxembourg, and the subsidiary lets Bank of New York "provide services to organizations who will become more retail fund oriented," said Joseph Melillo, vice president of offshore fund services.
"Our clients are there establishing these types of funds and we need to put ourselves in a position to support them," he added.
The banking company has more than $5.1 trillion of assets under custody.