The Bank of New York Appointed to Provide Global Fund Services to Prudential Asset Management
LONDON, January 20, 2005 - The Bank of New York, a global leader in securities servicing, has been appointed by Prudential Asset Management, part of Prudential PLC, to provide global fund services for Prudential's International Opportunities Fund.
The Bank of New York will act as global custodian and fund administrator. As fund administrator, the Bank will provide transfer agency and ancillary services for the $1.8 billion fund, a Luxembourg SICAV umbrella distributed in Asia. This business will operate along side the Hong Kong ILP fund administration business awarded by Prudential Assurance Company Hong Kong to The Bank of New York for another five funds.
Ajay Srinivasan, Chief Executive, Fund Management Asia, Prudential Corporation Asia, commented,"We selected The Bank of New York because of its growing presence in both Asia and Europe and its ability to provide excellent service to our customers from a single platform, which ties in with our aspiration to become a leading retail financial services provider in Asia."
Kenneth A. Lopian, executive vice president and Head of The Bank of New York's Asia-Pacific Division, said, "This valuable win emphasises our growing strength in Asia and the bank's geographical coverage, with regard to providing both onshore and offshore products. We are dedicated to working with clients to achieve their objectives in the region and are looking forward to working with Prudential Asset Management to develop its market presence."
Prudential Corporation Asia is the leading European life insurer in Asia, employing over 6,600 staff and serving some five million customers. Prudential Corporation Asia has 24 operations in 12 countries, namely: China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Across the region eight of Prudential Corporation Asia's life businesses and four of its seven mutual fund operations have top five positions in their markets (as at 30 June 2004).
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at http://www.bankofny.com/.
* Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has over US$300 billion (£170 billion) in assets under management, as at 30 June 2004. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
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