Sign in Subscribe
Insurance industry

The Bank of New York Selected as Global Custodian for SunLife of Canada's $100 Million Portfolio

Strategic Insights

— 1 min read

The Bank of New York has been chosen by SunLife of Canada, Canada's largest insurer, as the global custodian for their $100 million portfolio. The selection was made after a thorough review of the bank's services, with references and recent results of global custody surveys being key factors in the decision. The Bank of New York will provide custodial services for SunLife's assets in 18 countries worldwide and serve as foreign exchange agent for the underlying securities. The bank will also offer enhanced global proxy services to SunLife.

Key Takeaways:

  • The Bank of New York was selected as global custodian for SunLife of Canada's $100 million portfolio after a thorough review of its services.
  • SunLife Assurance Company, Canada's largest insurer, made the decision to choose The Bank of New York's custody services based on references and recent results of global custody surveys.
  • The Bank of New York will provide custodial services for SunLife's assets in 18 countries worldwide and serve as foreign exchange agent for the underlying securities.
  • The bank will also offer enhanced global proxy services to SunLife, which includes improved reporting capabilities.
  • The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name.
  • The bank is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a bank holding company with total assets of $49 billion as of December 31, 1994.
  • The Bank of New York provides a range of banking and financial services to corporations and individuals worldwide through its six basic businesses.

Statistics:

  • The size of SunLife of Canada's portfolio: $100 million
  • The number of countries where The Bank of New York will provide custodial services: 18
  • The total assets of Bank of New York Company, Inc. as of December 31, 1994: $49 billion
  • The number of years The Bank of New York has been in operation: 210 years (1784-1995)

Sources:

  • PR Newswire
  • Bank of New York
  • SunLife Assurance Company
  • The Bank of New York Company, Inc. (NYSE: BK)
  • "The Bank of New York" article, dated January 20, 1995

Read more