Allmerica Financial signs for BoNY custody and securities lending services

Source: Bank of New York

The Bank of New York, a global leader in securities servicing, has been appointed by Allmerica Financial to provide custody and securities lending services for $8 billion of insurance assets.

Louis DiFranco, Head of the global insurance division at The Bank of New York, said, "This appointment represents an expansion of our current mutual fund custody relationship with Allmerica Financial and its affiliate, Opus Investment Management. It highlights the value of our servicing model in which a dedicated client executive is accountable for leading a team of insurance experts who assess an individual client's needs and deliver the broad range of investment management, treasury management and securities services from across the entire bank."

John Kavanaugh, chief investment officer of Allmerica Financial, said, "After a thorough evaluation process, we selected The Bank of New York based on its advanced systems' capabilities, high level of client service and commitment to the securities servicing industry. Its proven experience and expertise were key components in the decision to expand our relationship."

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