TODAY.AZ / Business

Bank of New York appointed by State Oil Fund of Azerbaijan as global custodian

24 May 2006 [19:05] - TODAY.AZ
The Bank of New York, a global leader in securitiesservicing, has been appointed by The State Oil Fund of Azerbaijan(SOFAZ) as global custodian following an eight-way competitive pitch.

SOFAZ's increased assets under management created an opportunityfor the fund to rationalize its custody operations and a requirementfor more complex systems for efficient and effective management.

Arzu Huseynov, head of investment at SOFAZ, said, "We appointedThe Bank of New York as it stood head and shoulders above itscompetitors in meeting our complex brief. It was crucial for us torationalize our custody operations because of our considerable fundgrowth and the Bank demonstrated that it has the systems,infrastructure and team to make this possible. We are looking forwardto working with the team and utilizing the economies of scale thatthis new relationship will bring."

Avere Hill, managing director at The Bank of New York, said, "Thisappointment reflects our experience, success and proven track recordin the custody sector. We are committed to building on the Bank'sposition as a market leader and are looking forward to working withSOFAZ to assist in its long term growth."

/finanzen.net/

URL: http://www.today.az/news/business/26496.html

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