The Bank of New York has reported that it has completed the implementation of its outsourcing deal with RCM (UK) Ltd, part of the Allianz Global Investors Group.
The arrangement includes the migration of RCM’s systems to the Bank’s BNY SmartSourceSM platform, an IT and operations package designed to meet the outsourcing needs of investment managers.
This latest announcement follows the transition of RCM’s San Francisco operation to the BNY SmartSource platform in September 2004. The bank’s new obligations with RCM UK has three major elements. Firstly, the oversight of global custody which was moved to The Bank of New York in 2004; secondly, the fund accounting behind a range of RCM funds, investment trusts and OEICs; and finally, middle office support for the management of assets with a value of approximately $10.5bn. Servicing will be accomplished on a regional basis affording local coverage to this global manager in the respective time zones.
Michael Hooper, chief financial and operating officer of RCM (UK) Ltd said, “The transition to the BNY SmartSource platform was efficiently and effectively managed and kept to a tight budget and timescale. The ecision to outsource our middle office will allow us to concentrate on our core activities and continue our growth in the future.”
Timothy Keaney, executive vice president and the head of the Bank of New York Europe said, “The completion of the RCM (UK) outsourcing migration on time and on budget is a significant success for the BNY SmartSource team and RCM. We have spent significant time and resource on our implementation process, and this transition underscores the Bank’s position as a leading and successful outsourcing partner.”