LONDON, June 29 /PRNewswire-FirstCall/ -- The Bank of New York, a leading global provider of securities servicing, has been appointed by Teva Pharmaceutical Industries Ltd, which specializes in the development, production and marketing of generic and proprietary branded pharmaceuticals, to act as global custodian and investment accountant for its proprietary assets.
Teva Pharmaceutical Industries Ltd acknowledges that this strategic move will achieve economies of scale for their portfolios and enhance their risk management. They chose a global custodian with a proven track record to help them achieve that. The Bank of New York was able to consolidate their data flows and provide them with enhanced risk management reporting which has streamlined considerably the information they receive and digest.
Andy Bell, executive vice president and head of EMEA investor services, The Bank of New York, said, “Being appointed by one of the world’s top 20 pharmaceutical companies is a great win for us. Working with Teva Pharmaceutical underlines our commitment to our global custody capabilities across the globe and winning this prestigious brief demonstrates that we are one step ahead of competitors in meeting clients’ complex needs.”
The Bank of New York Company, Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com.
The Bank of New York
CONTACT: Ivan Royle, +44-20-7964-6119, of The Bank of New York
Web site: http://www.bankofny.com/
