10/22/03
Demonstrates Bank’s Dedication to Corporate Plan Sponsors
NEW YORK, N.Y., October 22, 2003 - The Bank of New York, a premier provider of integrated securities services to plan sponsors, announced today that it has been selected by Tenneco Automotive Inc. to provide integrated services, including asset management, master trust and securities lending for approximately $136 million in assets in the company’s pension plans. The mandate includes various Bank of New York index products, small cap growth equity and active fixed income products.
Paul Novas, vice president and treasurer of Tenneco Automotive, said, "After a comprehensive due diligence process, we selected The Bank of New York based on the outstanding integration capabilities that will allow us to more efficiently manage our plans’ assets. Tenneco Automotive has enjoyed a long-standing relationship with The Bank of New York, and we look forward to working with them in the management of our defined benefit plan assets."
Steven Pisarkiewicz, head of BNY Asset Management, said, "We are pleased to provide comprehensive services to Tenneco Automotive under this mandate, which underscores The Bank of New York's commitment to providing a wide range of diversified products and solutions to the plan sponsor community. With the Bank providing integrated services, Tenneco Automotive will benefit from having customized investment advice on their asset allocation decisions, a single point of contact and an overall cost savings as a result of the efficiency."
As stated by the company, Tenneco Automotive is a $3.5 billion global manufacturing company based in Lake Forest, Illinois, with 19,600 employees worldwide and is one of the world’s largest designers, manufacturers and distributors of automotive ride control and emission control products and systems for the automotive original equipment market and the repair and replacement market.
The Bank of New York’s dedicated Plan Sponsor Services division provides clients with integrated solutions that add value to their investment process. Services include currency overlay, investment and cash management, investment risk management, master trust, retirement plan services, securities lending, and trade execution services, the latter of which is provided by BNY Brokerage, a subsidiary of The Bank of New York.
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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