09/16/03
Bank Selected for Mandate Representing $700 Million in Investment Assets
NEW YORK, N.Y., September 16, 2003 - The Bank of New York announced today that it has been selected to deliver master custody, performance measurement and related institutional investor services to Berea College for its endowment and operating portfolio, which totals more than $700 million in investment assets.
Ron Smith, vice president for finance at Berea College, said, "Following a formal search process, we selected The Bank of New York based on its superior technology, comprehensive service offering and exceptional client service team. In addition to its master custody and performance measurement capabilities, we are pleased to also be using the Bank’s proprietary PrivateAnalyst service, which will significantly augment the tracking and performance reporting of our growing alternative investments portfolio."
Richard A. Raffetto, managing director and head of The Bank of New York’s National Endowments, Foundations and Non-Profits Banking Division, said, "We are pleased to partner with such a high quality educational institution as Berea College. The Bank’s suite of custody products, including our capabilities in enhanced information delivery platforms, and performance measurement, as well as our long-standing commitment to serving the unique needs of leading endowments and foundations nationwide make us an ideal fit for Berea College."
Located in Berea, Kentucky, Berea College is a private, coeducational, tuition-free institution that serves economically disadvantaged students, primarily from the Appalachian region. The college had total assets of more than $900 million as of June 30, 2003.
The Bank of New York is the world’s leading institutional investor services bank, with operations and sub-custody relationships in 101 global markets. Custody assets were in excess of $7.8 trillion as of June 30, 2003.
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.
| « Back to Press Releases |
