The Bank of New York Appointed by Sarasin Chiswell as Global Custodian
LONDON, June 13, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed by Sarasin Chiswell, the London-based specialist investment management firm that is 75% owned by Bank Sarasin, to act as global custodian for £2bn of client assets.
Thomas Service, chief operating officer and director, Sarasin Chiswell, said, “We appointed The Bank of New York following our decision to consolidate as much as possible of our onshore business with one custodian. The team showed total commitment to our current and future needs and have offered extensive advice and support.”
Andrew Bell, executive vice president and head of EMEA Investor Services at The Bank of New York, said, “Winning this significant piece of business underlines our broad capabilities and proven track record. This is an important win for the bank as Sarasin Chiswell has a strong brand in the investment management world.”
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
Sarasin Chiswell is a trading name for Sarasin Investment Management Ltd and Chiswell Associates Ltd (authorised and regulated by the Financial Services Authority) which forms the London based investment management subsidiary of Bank Sarasin. Sarasin Chiswell’s core activity is global investment management on behalf of private clients, charities, pension funds and other institutions. Total client assets under management as at 31.12.2006 amounted to GBP 6.1 billion. Sarasin Chiswell is 75% owned by Bank Sarasin & Co. Ltd and 25% owned by its local management in London.
Founded in 1841, Bank Sarasin is today one of Switzerland’s leading private banking institutions. Its sustainable success is based on trust, confidentiality, expertise and dedication. Bank Sarasin’s core activities include investment advisory and asset management services for private and institutional clients, as well as an investment funds business. Its complementary services extend to corporate finance and financial analysis. The Sarasin Group - headquartered in Basel, Switzerland - employs over 1,100 staff. In addition to its headquarters in Basel, the Bank has offices in Zurich, Geneva and Lugano in Switzerland. Internationally, the Sarasin Group has offices in Dubai, Guernsey, Hong Kong, London, Luxembourg, Munich, Paris and Singapore. Bank Sarasin is a limited company. Its shares are listed on the Swiss Stock Exchange, SWX. Its majority shareholder, Rabobank, enjoys the highest qualification of credit status (triple-A rating) from prominent international rating agencies. Measured by its core capital, Rabobank is one of the world's top twenty financial institutions.
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