BNY Mellon has been appointed by Hamburger Sparkasse (Haspa) to provide technical services related to investment limit reviews in the German bank's depository business.
BNY Mellon's specialised asset servicing business will provide administration for special fund assets valued at approximately €1.4 billion and daily support to Haspa to ensure its mandates comply with statutory and contractual investment limits on each valuation date.
Thomas Grünewald, 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.”
