BOSTON, June 28 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in asset servicing, has announced a new mandate to provide back-office services for Rainier Investment Management, Inc., a Seattle-based asset management firm with more than $18 billion in assets under management. BNY Mellon will provide a range of outsourcing support, including accounting, performance measurement, account opening, account reconciliation, client reporting and client billing.
Rainier looked at two alternatives to see the firm through its future growth – acquire a new suite of application software, or outsource selected components of its operations to an organization experienced in running outsourced operations for investment management firms. "Strategically, outsourcing was the right choice for Rainier," said Melodie Zakaluk, chief operations officer of Rainier Investment Management. "It allowed Rainier to focus on outstanding client service while leveraging a scalable operational platform. All of the resources in the operations area prior to outsourcing have been reassigned to roles focused on servicing our clients. Our clients look to us for superior value, and we're confident that BNY Mellon is a partner we can rely on to help us consistently deliver."
"The demand for outsourcing services from asset management firms like Rainier continues unabated," said Lou Maiuri, global head of outsourcing for BNY Mellon Asset Servicing. "More and more of these companies are making a choice to focus on their core competencies managing assets and client relationships and letting skilled service providers like BNY Mellon handle their back-office operations and maintain the technology commitment today's environment requires."
Rainier Investment Management, Inc. is an employee-owned investment firm dedicated to enhancing client returns through insightful and disciplined identification of growth companies. Independently owned since 1991, Rainier remains a boutique firm focused on providing high-value-added U.S. equity and fixed income portfolio management. Headquartered in Seattle and with an office in New York City, Rainier manages $18.2 billion in assets as of March 31, 2010, including separate accounts and the Rainier Funds.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Learn more at www.bnymellon.com.
SOURCE BNY Mellon