UK- Skandia Multi Manager funds has appointed the Bank of New York to provide administration, accounting and transfer agency services.

Skandia investment director Jim Roberts says: “after an extensive review, we chose the Bank of New York as our preferred service provider to work with us on developing our collective investment scheme.

“We were very impressed with the strength of the Bank of New York’s system and process control as well as their approach to European Fund Administration.”

In January, the Bank of New York’s Luxembourg subsidiary opened a depository bank in Belgium enabling it to offer custody and administration services to Belgium-domiciled collective investment undertakings (UCIs).

Recent appointments similar to Skandia include the provision of services to Barclays global Investor’s recently-launched retail operation, the Belgian-domiciled mutual fund AXA B Fund and Credit Lyonnais AM’s exchange traded fund family, Euro SPDR.