The Bank of New York announced today that it has been appointed by American Express Financial Advisors as global custodian for mutual funds, trust funds and other client assets.

The Bank of New York will provide custody services for approximately $6.3 billion in assets, which are primarily invested in the major overseas markets.

"After an extensive due diligence process, we are pleased that American Express has selected The Bank of New York, recognizing our ability to deliver worldwide technology based solutions," said Thomas J. Perna, senior executive vice president of The Bank of New York.

Lawrence J. Welte, vice president of Investment Administration, American Express, explained a few key factors in selecting its new global custodian. "The Bank of New York's extensive network capabilities, its international operations center located in Brussels and its breadth of industry expertise were central to our decision."

 

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