NEW YORK and LONDON, June 18, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has launched MyOnCore, an online portal that offers transparency and oversight to investment managers that have outsourced their middle-office operations.
Many investment managers who have entered outsourced agreements are now re-evaluating how their operations teams can best address certain key priorities. These include efficiency improvements to ensure future needs can be met; the rationalisation of arrangements that may have become fragmented over time; the ongoing reduction of risk; and the ability to meet increasing regulatory obligations.
By offering an enhanced level of transparency, MyOnCore helps investment managers to define the governance parameters around an outsourced arrangement more effectively, giving them a clearer insight into the logistics involved and the benefits that will derive from that arrangement.
John Lehner, global head of outsourcing at BNY Mellon's Asset Servicing business, said: "In addition to monitoring individual business services, MyOnCore's dashboards can also be used to govern the overall outsourcing relationship, as traditional KPI reviews are too infrequent for today's environment. The more effective risk and compliance monitoring the dashboards offer provides early warning signals and triggers remedial action. Online tools need to be intuitive and easy to use, and should be continually enhanced and receive frequent updates. Moreover, they can be used to enhance other functions, such as cash management and collateral processes."
This improved oversight will bring many benefits but crucially it will further improve the quality of data shared between investment manager and outsource provider. Quality data remains central to a successful middle office outsourcing arrangement covering services such as: investment book of record; cash management; performance measurement; collateral management; end-client statement production; corporate actions processing; custodian reconciliation; trade matching and confirmation; and client billing.
Lehner added: "Since front office decision making is wholly dependent on data – both market and processed – the consistent provision of timely, high quality data that can be used to meet diverse requirements is critical not only to performing specific functions, but also to maintaining proper oversight."
Notes to editors:
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safekeeping 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 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration and $1.6 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, 2014. 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. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is 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.
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SOURCE BNY Mellon