ABN AMRO Bank and Mellon Financial Corp. have announced plans to formalize the global custody services the two firms offer with a new joint venture the two companies will name ABN AMRO Mellon Global Securities. It will be headquartered in the Netherlands and provide global custody and related services to 111 clients with $250 billion in assets in 26 markets, excluding the U.S.

Nadine Chakar, who has acted as managing director for the two companies' alliance since its inception in 1999, has been named chief executive officer of the new firm.

"ABN AMRO Mellon has been a huge success from day one," said Jim Palermo, president of Mellon Global Securities Services. "Its unique combination of strengths has served clients extremely well for the past three years. The agreement to establish a legal entity will demonstrate our mutual commitment to our clients, employees and the custody business."

Robert van Paridon, senior executive vice president and head of global transaction services at ABN AMRO, added: "The decision to form this new company sends a clear signal to the market that both ABN AMRO and Mellon are fully committed to the custody industry."

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