11/24/03
NEW YORK and LONDON, November 24, 2003 - As part of its strategic expansion in Europe, The Bank of New York announced today that BNY Securities Group now offers global transition management, commission recapture, independent equity research and commission management services to the European institutional investment community. Through its global agency brokerage businesses G-Port and G-Trade, BNY Securities Group is already one of the largest institutional electronic brokerages for global equity execution and a leading provider of portfolio trading services in more than 80 markets.
BNY Securities Group’s expanded European offering encompasses solutions that target the specific industry requirements of investment managers and pension funds. These include:
- Transition management services through BNY Global Transition Management, incorporating trading analysis, execution, performance measurement and risk management for global, multi-asset class portfolios. This service provides pension funds with a single resource for managing and executing new portfolio strategies, which is ideal for those seeking an experienced team when changing investment managers.
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- Commission recapture services through BNY Brokerage, which allows funds to enhance performance and reduce fund expenses. Commission recapture is an effective tool for funds to maximize returns using a network of brokers allowing cost savings to accrue for global equity and fixed income portfolios.
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- Commission management services through Westminster Research Associates (WRA). WRA offers institutional investors the opportunity to consolidate their various commission pools with WRA and the ability to execute trades through their choice of brokers using a global network of over 25 top-tier institutional trading firms. WRA’s unique model gives institutions the flexibility to seek best execution while reducing administrative burden with WRA managing the commission reporting and service provider payment processes.
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- Independent equity research consultancy services through BNY Jaywalk. BNY Jaywalk offers institutional investors access to independent research from a network of over 100 providers. BNY Jaywalk’s third-party performance measurement criteria allow investment managers the opportunity to evaluate the relative merits of the wide variety of research according to their needs.
Timothy F. Keaney, executive vice president and head of Europe at The Bank of New York, said, "As we grow our business in Europe, we have seen an increased demand for sophisticated trading products and the need for conflict-free solutions for the investment community, such as agency brokerage and independent research. Also, control of commission spending and investment management performance pressures have led to greater use of commission recapture and transition management programs. BNY Securities Group’s expansion of its European institutional product offerings meets the evolving challenges faced by investment managers and pension funds."
Joseph M. Velli, senior executive vice president and head of BNY Securities Group, said, "It was a natural development for The Bank of New York to expand the services offered in Europe through BNY Securities Group, since our formula has worked well in the U.S. The European marketplace already represents a significant market for our business, and we are pleased to further demonstrate our commitment to expanding our operations to respond to the needs of our clients, both now and in the future. The Bank of New York is committed to delivering global securities services for its clients in the investment management, pension fund and broker-dealer marketplaces through comprehensive solutions that integrate end-to-end processing throughout the investment lifecycle."
BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. (including its U.S. Division BNY Global Transition Management) is a member NYSE/NASD/SIPC. Westminster Research Associates, Inc. is a member NASD/SIPC. G-Trade Services Ltd., a Bermuda-based broker-dealer and member of the Bermuda Stock Exchange, serves BLOOMBERG TRADEBOOK LLC, member NASD/SIPC, and its affiliates. G-Port and G-Trade are divisions of BNY Clearing Services LLC, member NYSE/NASD/SIPC, in the United States and of G-Trade Services Ltd. in Bermuda. In the United Kingdom, G-Port, G-Trade, BNY Global Transition Management, BNY Brokerage, Westminster Research Associates and BNY Jaywalk are all divisions of BNY Securities Limited, registered in England and Wales no. 3766757, authorized and regulated by the Financial Services Authority.
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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