NEW YORK–(BUSINESS WIRE)–Oct. 22, 2003–The Bank of New York announced today that it has been selected by AIG Global Investment Group, Inc. (AIGGIG) to provide global custody services forapproximately $90 billion of assets.
“We are pleased that our suite of insurance specific custody services is the chosen solution for AIGGIG,” said Louis DiFranco, division executive of the Global Insurance Division at The Bank of New York. “As a specialist provider, our goal is to be a value-added extension of our client’s back-office by developing highly-customized, comprehensive solutions that allow them to focus on their core businesses. Our team of insurance industry experts has established a leadership position in the industry by offering innovative information delivery options and integrated services that meet the changing needs of our clients.”
AIG Global Investment Group, Inc. is a worldwide leader in asset management with extensive investment management capabilities in equities, fixed income, private equity, hedge funds and real estate management. AIGGIG is a member company of American International Group, Inc.
The Bank of New York’s Global Insurance Division manages the Bank’s enterprise-wide relationships with insurance companies and their subsidiaries across all products of the Bank and all facets of the client organization. A sample of services currently provided to insurance companies includes correspondent clearing, custody, securities lending, cash management, corporate trust, and trade execution services.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
