BNY Mellon, will provide custody and other value added services to Menzis, a Netherlands-based health insurance company.
Based in Wageningen, Menzis has approximately €2 billion in assets. BNY Mellon will record all unit holdings in Menzis' various pooled funds, its liquidity and return portfolio, and related underlying mandates. It will also provide consolidated fund accounting on a monthly basis.
Other services include cash transfer services, performance measurement and reporting, input for reporting to the Dutch regulatory authorities on a monthly basis, as well as Solvency II reporting, and annual reporting for Menzis' three pooled funds.
Ruben Wenselaar, CFO at Menzis, said: "We were looking for a stable partner in the asset servicing space. Being able to turn our data into information is key in today's markets and BNY Mellon is well placed through their online portal with advance interactive reporting, as well as simple cash authorisations through their iPad App."
Leonique van Houwelingen, country executive for the Netherlands, said: "After a thorough due diligence procedure, Menzis recognises our unique position in the Dutch market when it comes to supporting complex Fonds voor Gemene Rekening (FGR) pooled fund structures and insurance companies."
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