Following an extensive beauty parade, Singapore's largest insurance company Great Eastern Life has chosen Bank of New York as its new master custody provider for the next three years. The account has been won from incumbents Deutsche Bank and an unnamed domestic bank.
Bank of New York will perform investment accounting, performance measurement and compliance on a substantial portfolio of assets, the exact size of which is undisclosed. The bank will also be running daily net asset value NAV calculations for the insurer.
Great Eastern awarded the mandate after a full due diligence process that took about six months and involved all of the usual suspects in global custody in Asia....
