BNY Mellon has been awarded a contract that will see the firm provide custody services and investment administration solutions to Taiwan's Bureau of Labour Insurance.

The firm will deliver services relating to global custody, fund accounting, performance & risk analytics and compliance for the country's National Pension Insurance Fund, which currently has assets totalling approximately $1bn.

Chong Jin Leow, head of Asia, BNY Mellon asset servicing said Taiwan continues to be a dynamic market as its sees an increased globalised approach in its funds industry. He said: "As Taiwanese asset managers diversify their portfolios through increased investment overseas, demand for global custody and related services from institutions like BNY Mellon, is on the rise."

BNY Mellon's country executive in Taiwan, James Liu, said: "Historically, Taiwanese pension funds have focused on the domestic equity markets in respect to their asset allocation strategies. This is slowly evolving with funds diversifying their strategies and seeking opportunities internationally, particularly in respect of equities, but also increasingly alternatives and emerging markets.

"As both a global custodian and a global investment manager, this increase in cross-border activities presents many opportunities for BNY Mellon to help Taiwanese pension funds achieve their goals."

First published 24.07.2012

azeevalkink@wilmington.co.uk