BNY Mellon has been appointed by CZ Group to provide custody and value added services to support the launch of a new Fonds voor Gemene Rekening (FGR) pooled investment structure.
Based in Tilburg in the Netherlands, CZ Group is one of the leading health insurance companies in the Netherlands. In late 2011, it adopted a new investment approach that involved the introduction of a FGR fund structure with related investment pools.
BNY Mellon was selected to set up an unitisation process to support the administration of participants' assets in the pools, a process that has now been successfully completed.
BNY Mellon will also provide enhanced general ledger functionality, replacing CZ Group's existing sub-administration system with comprehensive data delivery capabilities via Workbench, BNY Mellon's online information delivery portal.
Yvo Boon, head of asset management at CZ Group, said: "BNY Mellon has been instrumental in helping us transition to the new FGR structure. Their proven fund accounting and unitised fund administration services, in combination with excellent client service, were critical to our decision to extend our relationship."
Leonique van Houwelingen, country executive for the Netherlands, said: "CZ Group recognises our unique position in the Dutch market when it comes to supporting complex FGR fund structures. The enhanced general ledger functionality in particular will result in further efficiencies and cost reductions for CZ. We are very pleased to extend our successful relationship with this valued Dutch insurance client."
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