BNY Mellon, the global leader in investment management and investment services, has been appointed by Hamburger Sparkasse AG (Haspa) to provide technical services related to investment limit reviews in Haspa's depository banking business.
BNY Mellon Service KAG will provide administration for special fund assets valued at approximately EUR 1.4 billion on behalf of Haspa, which becomes its eighth outsourcing client.
As part of this mandate, BNY Mellon Service KAG will provide daily support to Haspa to ensure that Haspa's special fund mandates comply with their statutory and contractual investment limits on each valuation date.
Carsten Hoever, division head at Haspa, said BNY Mellon Service KAG's ability to tailor its outsourcing offering to meet Haspa's specific requirements was a key factor in its decision. "BNY Mellon listened to us and designed the concept that best meets our needs," Hoever said. "Furthermore, BNY Mellon Service KAG was able to provide a very strong set of references to support its proposal. As our new provider, BNY Mellon will provide us with a professional services built on state-of-the-art technology and so allow us the freedom we need to focus on our core business."
Thomas Grunewald, Managing Director of BNY Mellon Service KAG, said: "This new outsourcing appointment underlines the strength and flexibility of our service model. There are a number of ways in which depotbanks can meet the additional regulatory requirements that have recently been imposed, and one compelling option is to outsource individual processes and services to a specialist institution."