The cooperation partners have agreed to pool a number of supplementary services in order to enhance their existing product portfolio, enabling them to continue to offer their respective clients global reach allied with local expertise.

The key products that both companies are now able to provide include transition management, commission recapture and futures clearing. Global custody and subcustody business are two other areas where BNY Mellon and BHF Asset Servicing are further intensifying their already close cooperation. In the depotbank arena, the two companies will operate independently going forward.

Tim Keaney, co-Chief Executive Officer of BNY Mellon Asset Servicing, said: "Our two companies have worked together in a highly successful alliance for more than three years, and I am delighted that we will continue that cooperation to support our German clients and ensure they can capitalise to the fullest extent upon new opportunities as they arise."

Wolfgang Danicke, Managing Director of BHF Asset Servicing GmbH, said: "We intend to further enhance the traditionally good cooperation between our two companies. The competencies and expertise each bank brings to the partnership ideally complement each other. This ensures that we are optimally positioned to tailor our products and services to our high net worth clients' individual requirements."