BNY Mellon launches bundled product for insurers
Standish Mellon Asset Management Company, the Boston-based fixed income investment boutique for BNY Mellon, has launched a bundled solution for US insurance companies that includes asset management, global custody, and insurance accounting and reporting.
Custody, insurance accounting and reporting are being provided by BNY Mellon's asset servicing business. The firm said the new comprehensive offering meets the needs of insurance companies that require asset management and asset servicing to be bundled.
“Developing synergies between our investment management and investment services businesses enables us to meet the unique needs of the insurance segment, while also demonstrating the power BNY Mellon brings to bear across the investment lifecycle,” said Christine Todd, president of Standish and head of its insurance and tax-sensitive groups. “This is our initial offering of investment management and investment servicing as a single solution.”
The new offering enables BNY Mellon to provide investment management and investment services to a broader range of insurance companies, according to Vince Pacilio, executive vice president, BNY Mellon, and head of the insurance segment.
"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," Pacilio added.