Hamburger Sparkasse elects BNY Mellon for special funds mandate
The Hamburger Sparkasse AG has elected BNY Mellon Service KAG to provide services linked to investment limits for €1.4bn of special fund assets.
The appointment is the eighth outsourcing win in Germany for the unit of BNY Mellon.
BNY Mellon Service KAG will ensure Haspa’s special fund mandates comply with their statutory and contractual investment limits on each valuation date.
Thomas Grünewald (pictured), managing director of BNY Mellon Service KAG, said: “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.”
BNY Mellon opened its first German office in Frankfurt in 1972, and following its acquisition last year of BHF Asset Servicing and Frankfurter Service KAG, now has more than 550 employees in the country.
It conducts services such as depotbanking, fund administration and asset management, as well as corporate trust, treasury services, collateral management, and depository receipts, working for more than 20 Dax-member corporations.