Aon Asset Management hired Bank of New York as global custodian for $1.5 billion in assets, replacing State Street Corp., confirmed George Mortimer, chief operating officer of Aon Asset Management. He said BoNY would take over custody, fund administration, securities lending and transfer agency services in mid-May.
"We decided it was in the overall interests of shareholders to change," Mr. Mortimer said. "We did consider staying with State Street, but the overall combination of costs and services from Bank of New York was very compelling."
The $1.5 billion breaks down to roughly 50% in U.K. equities, 20% in sterling-denominated bonds, 10% each in U.S. and European equities, and 5% each in Japanese and Asia-Pacific equities.
State Street officials were not available for comment.