BNY Mellon, has been appointed by Clal Insurance to provide global custody, cash management, foreign exchange and institutional accounting services for assets valued at over US$7bn.
Based in Tel Aviv, Clal Insurance is an Israeli insurance group offering a wide range of services and products to private and corporate customers, such as life and non-life insurance, health insurance, and pension and provident funds.
BNY Mellon has been active in the Israeli marketplace for over 50 years providing investment management and investment services solutions to its clients in Israel. But lately the firm has seen a rise in companies looking for support that’s a seen “significant growth” in the firm’s assets under custody and management.
“Israeli financial services companies are growing their portfolios and expanding their foreign asset allocation,” said Christopher Porter, managing director and regional executive for Israel at BNY Mellon. “This trend is being driven by the growth of Israel’s dynamic export-led economy, which is supported by its high-tech and life science industries.
BNY Mellon, the corporate brand of The Bank of New York Mellon Corporation, delivers investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2016, BNY Mellon had US$29.5 trillion in assets under custody and/or administration, and US$1.7 trillion in assets under management.