Brief: ING and Bank of New York strike global custody deal

Brief: ING and Bank of New York strike global custody deal

ING and Bank of New York have entered a commercial custody alliance aimed at the sale of compliance monitoring, investment accounting, performance measurement and analytics to institutional investors in Germany, Benelux and central and eastern Europe.

At the same time, ING Investment Management (IIM) is appointing BoNY as global custodian for its $88 billion portfolio of assets.

The new deal follows the September agreement to outsource ING's international cash equities clearing and settlement operations to Bank of New York in London, New York, Hong Kong and Singapore.

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