ING Investment Management has contracted with Bank of New York for the provision of outsourced middle office trade processing services for its operations in the Hague.
BoNY, which provides outsourcing services through its BNY SmartSource subsidiary, will assume responsibility for post execution processing through to settlement.
Angelien Kemna, CEO, ING IM, says: "Following a review of the services available, it was clear that The Bank of New York would provide us with a strong platform and thorough support for our business processes."
The transition of services to BoNY will take 12 months and is expected to be completed in the fourth quarter of 2005.
Tim Keaney, executive vice president and head of Europe at BoNY, says the deal is the first of its kind for BoNY in the Dutch market.
BoNY currently provides outsourced services for ING's managed accounts business as well as for the Dutch bank's international cash equities clearance and settlements operations in London, New York, Hong Kong and Singapore. BoNY also acts as global custodian for ING's portfolio of assets.
Last September BoNY won a mandate to provide outsourced middle and back office processing services to RCM UK, part of the Allianz Dresdner Asset Management Group.