NTUC Income, a Singapore-based insurer with S$24.3 billion ($17.9 billion) in assets under management, hired Bank of New York Mellon as its global custodian, an NTUC spokesman confirmed Tuesday.
BNY Mellon will provide Singapore's largest insurance company with a broad range of investment services, including global custody, fund accounting, compliance monitoring and collateral valuation, a BNY Mellon news release said.
BNY Mellon becomes NTUC Income's sole provider of investment services, a consolidation from two global custodians currently, the news release said. It didn't name the two incumbents.
Spokesmen for NTUC Income and BNY Mellon declined to comment.
A 2010 announcement by Northern Trust said NTUC Income had appointed the Chicago-based custody service provider as global custodian "for a component" of NTUC's insurance assets. A Northern Trust spokeswoman didn't immediately respond to a request for comment.
Meanwhile, Citibank NA is listed on NTUC's website as custodian for NTUC's fund family.
Andrew Clay, NTUC Income's investment chief operating officer, said in the BNY Mellon news release that his firm selected BNY Mellon — following an "extensive" search — because it is best positioned "to partner on our business transformation over the next five to 10 years."
Mr. Clay couldn't immediately be reached for further comment.