10/06/03
NEW YORK, N.Y., October 6, 2003 - The Bank of New York, a leading provider of integrated outsourcing solutions to financial institutions worldwide, announced today that it has been selected by ABN AMRO Investment Fund Services, Inc. (ABN AMRO) to provide a full spectrum of investment manager outsourcing services for its new managed account offering.
In the U.S., ABN AMRO and its investment affiliates currently manage over $52 billion in assets on behalf of corporations, unions, governments, insurance companies, charitable organizations and investment companies.
The Bank, through its global outsourcing business, BNY SmartSourceSM, will assume responsibility for all middle and back-office functions related to ABN AMRO’s managed account business, including trade support, model and rotation management, account maintenance, investment accounting, reconciliation, AIMR-compliant performance measurement and billing. In addition to business process outsourcing, The Bank of New York will provide ABN AMRO with the complete technology infrastructure to support this business.
Kenneth C. Anderson, president and chief executive officer of ABN AMRO Investment Fund Services, Inc., said, "The Bank of New York is an industry leader in outsourcing, and we look forward to working with them as we expand our product availability with managed accounts. Managed accounts are an ideal way for us to make our respected investment processes available to a wider range of financial advisors, and we are confident that The Bank of New York will help us provide the highest level of servicing to our customers."
Andrew J. Bell, senior vice president at The Bank of New York, said, "We welcome ABN AMRO to our growing list of managed account outsourcing clients. The Bank of New York supports the managed account industry from both the sponsor and investment manager perspectives. We understand the nuances of dealing in a multi-sponsor environment and will leverage our technology and highly trained personnel to provide ABN AMRO with the infrastructure it needs to compete in this high growth industry."
The Bank of New York provides outsourcing solutions through BNY SmartSourceSM, working in a consultative capacity to help investment managers evaluate their outsourcing options, maximize efficiency and mitigate risk whether they manage assets on behalf of institutions, private clients, managed accounts or fund vehicles. As an extension of an investor’s front office, BNY SmartSourceSM provides the operational processes, industry expertise and scalable technology necessary to support global investment decisions. The BNY SmartSourceSM team is staffed in the U.S. and Europe with 500 highly experienced professionals. Additional information on BNY SmartSourceSM is available at www.bnysmartsource.com.
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 |
