11/03/03
NEW YORK, N.Y., November 3, 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 Voyageur Asset Management Inc. (Voyageur) to provide a full spectrum of outsourcing services and tools for its private client divisions. Voyageur currently manages over $20 billion in assets. The Bank will assume responsibility for all operational functions, including trade support, data management, accounting, reconciliation and end-client reporting on a private label basis. Institutional client service and support functions will remain in-house at Voyageur.
In addition, The Bank of New York will provide Voyageur with trade order management, modelling, and pre-trade compliance tools that are fully accessible via the Internet. This complete outsourcing solution will support several Voyageur locations, offering Voyageur a standardized platform and streamlined processing for its entire wealth management business.
John G. Taft, president of Voyageur, said, "After a thorough review of outsourcing alternatives, we selected The Bank of New York because they offered a consultative approach and a creative solution to meet our complex business needs. By partnering with the Bank to deliver front-office tools and the middle-office components of our business, not only will our current needs be addressed, but we will also have access to a platform that can easily be adapted as our business grows. We are confident that we made the right decision for our firm and our clients."
Andrew J. Bell, senior vice president and head of BNY SmartSourceSM, the Bank’s outsourcing business for global investors, said, "We are pleased to provide Voyageur with a complete end-to-end solution. The Bank will provide Voyageur with a complete operations infrastructure and all required technology, allowing them to focus on their core business, which includes investment advice, new product initiatives, marketing and client service support."
Voyageur Asset Management Inc. is a wholly-owned subsidiary of RBC Dain Rauscher Corp. and was founded in 1983. Voyageur provides fixed income, equity, and balanced portfolio management services to clients from a variety of backgrounds and a broad range of financial needs.
RBC Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of Canada, is the parent company of RBC Dain Rauscher Inc., the nation's eighth largest full-service securities firm. The companies serve individual investors and small business owners through offices coast-to-coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp.
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 collective investment vehicles. As an extension of an investor’s front office, BNY SmartSourceSM also 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.
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