The Bank of New York has branded its fund manager outsourcing business as BNY SmartSourceSM. The idea is to emphasise that the bank is single point of access to all of the operational outsourcing needs of a fund manager, whether they are managing
money
on
behalf
of institutional, high net worth, managed account clients or fund vehicles.
“The trend for outsourcing non-core functions in the buy-side community is accelerating,” says Thomas J. Perna, senior executive vice president of The Bank of New York. “However, in today’s competitive environment, investment managers deal with multiple products and client types, making it difficult to find a solution for all their needs. As a result, The Bank of New York brings together all investment management outsourcing capabilities under the umbrella, BNY SmartSource, which offers investment managers a consultative approach to implementing a customized outsourcing strategy that spans several product areas.”
The outsourcing solutions provided through BNY SmartSource include trade support and fail management, corporate
action and proxy services, cash management, derivative margining and collateral management, performance measurement, custodian monitoring,
accounting
and
client
reporting.
“We require a brand that truly reflects our unique outsourcing capabilities, one that embodies the depth and sophistication of our proven solutions and distinguishes the Bank for its consistently high
level
of
creativity,
flexibility and customization,” says Andrew Bell, senior vice president and global business manager of BNY SmartSource. “BNY SmartSource communicates the vision on which our pioneering position was founded: to reinvent global outsourcing, and be the one source able to manage all the operating and reporting needs of investment managers, implemented and integrated in an intelligent fashion.”
BNY emphasises that placing custody with the bank is not a condition of access to SmartSource. “This independent group is an extension of an investment manager’s front office where investment decisions are made, rather than an outgrowth of custody,” says a spokesman. “In fact, the Bank’s model is custody-neutral.”