Assets worth $130 billion are being shifted from Northern Trust to BNY Mellon.
Custody, collateral management, performance measurement and liquidity services will all be among the services that BNY Mellon will provide to the IT giant under their new contract, Global Custodian’s news site notes.
It points out that the previous agreement, with Northern Trust, ran over a full ten-year period.
A single platform
The new deal with BNY Mellon will comprise “a cross-business solution that will help Microsoft to better manage and automate its portfolio processes”.
“As we considered a new strategic provider, we looked for a single operating platform which could automate key processes and help us be more efficient,” says George Zinn, Microsoft’s treasurer and corporate vice president, according to the press release from BNY Mellon.