Standish Mellon Asset Management Company LLC, BNY Mellon’s investment company, has launched an asset management solution for US insurance companies.
The new solution groups asset management and asset servicing together, and it also includes global custody, insurance accounting and reporting.
Vince Pacilio, executive vice president at BNY Mellon and head of the insurance segment, said: "We're seeing more insurance companies looking for bundled solutions as they would rather partner with providers that offer a holistic and more comprehensive set of services.”
The solution promises to meet the needs of insurance companies, which require asset management and asset servicing to be grouped together.
BNY Mellon can now provide investment management and investment services to a broader range of insurance companies, according to Pacilio.
Christine Todd, president of Standish and head of its insurance and tax-sensitive groups, said: “Developing synergies between our investment management and investment services business enables us to meet the unique needs of the insurance segment.”
