12/17/03
LONDON, December 17, 2003 - The Bank of New York, a leading provider of third party fund administration services, announced today that it has been appointed by Liontrust to provide a retail fund outsourcing service for its range of UK unit trusts. Collectively, the five funds, which invest in the UK Stock Market, amount to approximately £1.2 billion.
The Bank of New York will provide Liontrust with a full fund administration service, including the processing of telephone orders and monthly management accounting, statements, distributions and reconciliation processing.
The Liontrust unit trust administration business will be migrating onto The Bank of New York’s retail funds ordering and registration software in February 2004.
Vinay Abrol, IT and operations director at Liontrust, said, "This outsourcing partnership with The Bank of New York enables us to focus on further enhancing our client service and investment performance. We have experienced rapid growth in funds under management over the past few years, and we are confident that The Bank of New York provides us with the leading capabilities in fund administration service to meet our requirements."
Nick Parkes, Head of European Fund Services for The Bank of New York, said, "Outsourcing has become a key issue for retail fund managers. The Bank of New York’s outsourcing service provides the flexibility and power to support a client’s existing business as well as future growth opportunities. To be endorsed by a fast growing and respected player in the market like Liontrust demonstrates the strength of our retail fund outsourcing service."
Liontrust Investment Funds Limited, authorized and regulated by the Financial Services Authority, is a wholly owned subsidiary of Liontrust Asset Management PLC, which is the holding company of a specialist UK Equities Fund Management Group, providing process driven portfolio management services to a range of funds that are targeted primarily at professional investors and advisers. The Group currently manages £4.5 billion in segregated and pooled pension fund accounts, unit and investment trusts, offshore funds, an absolute return fund, Personal Equity Plans and Individual Savings Accounts.
The Bank of New York’s proprietary retail funds ordering and registration software (RUFUS) gives the flexibility and power to help a company’s personnel work more productively. Capable of processing high transaction volumes, RUFUS administers a wide range of retail fund products, such as unit trusts, OEICs, ISAs, PEPs, and SICAVs, on one integrated pan-European system without the need for sub registers. Easy-to-use management functions give greater control and provide clients with consolidated valuations, statements and potential cross-selling opportunities.
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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