BNY Mellon Appointed by Israel’s Clal Insurance to Service Over $7 Billion of Assets
LONDON, September 13, 2016
BNY Mellon, a global leader in investment management and investment services, has been appointed by Clal Insurance to provide global custody, cash management, foreign exchange and institutional accounting services for assets valued at over $7 billion.
Based in Tel Aviv, Clal Insurance is a leading Israeli insurance group offering a wide range of services and products to private and corporate customers, such as life and non-life insurance, health insurance, and pension and provident funds.
“The high quality of service and an established market presence were crucial when it came to our decision to appoint our new global custody service provider,” said Anath Levin CIO at Clal Insurance group. “Working with BNY Mellon will help us achieve our ultimate goal which is to increase our operational efficiencies and improve our competitiveness within the Israeli market.”
“Israeli financial services companies are growing their portfolios and expanding their foreign asset allocation,” adds Christopher Porter, Managing Director and Regional Executive for Israel at BNY Mellon. “This trend is being driven by the growth of Israel’s dynamic export-led economy, which is supported by its world-renowned high-tech and life science industries. BNY Mellon is seeing significant growth in assets under custody and management in Israel and we are working with our clients to support them with evermore sophisticated solutions for their global assets.”
BNY Mellon has been active in the Israeli marketplace for over 50 years and provides a full range of investment management and investment services solutions to its clients in Israel.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2016, BNY Mellon had $29.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.