09/18/03
NEW YORK and LONDON, September 18, 2003 - The Bank of New York, a premier provider of integrated securities services, announced today that it has been chosen by Majedie Asset Management Limited (Majedie), the UK equity fund management boutique, to provide comprehensive outsourcing services for its new funds.
The multi-product arrangement encompasses custody, fund accounting and investor servicing for Majedie’s UK equity products. The Bank of New York uses its proprietary platform to provide investor servicing and its common accounting platform to provide fund accounting services to Majedie Asset Management Investment Fund Company, a new UK Open Ended Investment Company (OEIC). In addition, The Bank of New York Trust and Depositary Company Limited UK will act as depositary for the OEIC.
Simon Hazlitt, business director at Majedie, said, "We chose The Bank of New York because it has the capability to service all our requirements. We look forward to this strategic partnership, in which we will be able to concentrate on our area of expertise in specialist UK equity management while we outsource our custody, fund accounting and investor servicing to The Bank of New York."
Nick Parkes, managing director of European Fund Services at The Bank of New York, said, "The Bank of New York’s commitment of resources and investment in the European fund servicing business enables us to service all aspects of the investment life cycle. This commitment allows us to meet the complex needs of our clients and provide them with an integrated solution."
Majedie Asset Management, a subsidiary of Majedie Investments PLC, is a specialist UK equity fund management boutique. Founded in 2002, Majedie offers a range of specialist UK equity institutional and retail products. Customized services are also available to multi-managers and private unit trusts.
The Bank of New York is one of Europe’s premier third-party servicers, delivering a pan-European service on a common technology platform, and provides consultancy, software and administration services for a wide range of retail fund managers. Its services support a comprehensive range of UK and EU investment products, including unit trusts, Open Ended Investment Companies, Sociétés d’Investissement à Capital Variable, and other collective investment vehicles. The Bank of New York employs approximately 4,000 staff in its European headquarters in London, its European processing center in Brussels, and its offshore administration affiliates in Luxembourg and Dublin.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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