The Bank of New York announced today that its Luxembourg subsidiary has opened a branch in Belgium to offer custody and administration services for Belgian domiciled UCITS (Undertakings for Collective Investment in Transferable Securities). UCITS are European funds that can be marketed and sold to all European countries, not just the country in which they are domiciled.
The new branch, located in Brussels, was established in response to clients growing demands for pan-European fund administration services, said Stephen Richardson, COO of The Bank of New York in Europe.
The company and its subsidiaries already provide fund services in Brussels, as well as on Dublin, London and Luxembourg. The Bank of New York currently employs about 1,000 people in Brussels, serves as The Bank of New Yorks hub for continental European global processing operations.