BNY Mellon extends outsourcing arrangement with River and Mercantile to service $3.1 billion in assets
LONDON, May 13, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by River and Mercantile Asset Management LLP to provide middle and back office solutions for assets valued at $3.1 billion.
In an extension of its existing outsourcing agreement with River and Mercantile, BNY Mellon is now providing middle office services and accounting in support of nine open-ended investment companies (OEICs) and all of River and Mercantile's segregated funds.
BNY Mellon is also providing data management services for all those assets using technology developed by Eagle Investment Systems, its wholly-owned subsidiary. Data is consolidated, validated and enriched by BNY Mellon before being delivered to River and Mercantile; the client can then augment that data in-house to support its front office, audit and compliance requirements.
Julian Cripps, COO at River and Mercantile said: "BNY Mellon's ability to provide a flexible middle office solution on globally-deployed technology was a key differentiator when it came to appointing our service provider. The quality of service and the level of support already provided by BNY Mellon, and the strong partnership our two companies have established over the past six years, were also key factors in our decision to extend our relationship."
Daron Pearce, EMEA head of global financial institutions, Asset Servicing at BNY Mellon, said: "The robust and scaleable nature of our unified middle office solution will allow River and Mercantile to meet the demands of new mandates more effectively. This expansion of our arrangement will assist River and Mercantile to bring new products and services to market more swiftly and to efficiently assimilate new business. It will also enable its management team to focus greater resource and investment on the activities that add value to their company, namely investment management and business development."
Under the terms of its existing outsourcing arrangement, BNY Mellon already provides River and Mercantile with global custody, trust and depositary, transfer agency, fund accounting and FX services.
Notes to editors:
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at March 31, 2013.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818.
Branch office: One Canada Square, London E14 5AL. Supervised and regulated by the New York State Department of Financial Services and the Federal Reserve. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
SOURCE BNY Mellon
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