BNY Mellon, the global leader in investment management and investment services, has been honoured by Intelligent Insurer magazine as Global Best Bank for Custody at the publication's annual industry awards ceremony, held in Monaco during the insurance industry's annual Monte Carlo Rendezvous event.
BNY Mellon received its award following a poll by the magazine of thousands of insurance and reinsurance executives globally.
Paul Traynor, Head of Insurance for Europe, Middle East & Africa at BNY Mellon, said: "It is a source of great pride that our continued focus on the insurance industry is being recognised by our client base. The industry faces unprecedented challenges at this time, and we remain committed to supporting insurers in respect of the new regulatory requirements and in navigating what is an exponentially more complex operating environment."
Hani Kablawi, Head of Europe, Middle East & Africa, Asset Servicing at BNY Mellon, said: "Our leading role as a trusted partner to the insurance industry, whether safekeeping insurers' assets or helping them address their Solvency II data needs, means we have seen our assets under custody in this space grow to $2.2 trillion* as firms increasingly look to providers who can offer innovative and flexible solutions, high quality service and financial strength."
*As at June 30, 2012