The Bank of New York says it is adding transition management, commission recapture, independent equity research and commission management services to the services BNY Securities offers to European institutional investors.
Through its global agency brokerage businesses G-Port and G-Trade, BNY Securities Group is already a major institutional electronic brokerage for global equity execution and a provider of portfolio trading services in more than 80 markets.
BNY Securities Group’s expanded European offering will include the provision of transition management services through BNY Global Transition Management, which incorporates trading analysis, execution, performance measurement and risk management; commission recapture services through BNY Brokerage; commission management services through Westminster Research Associates (WRA), which enables institutional investors to consolidate their various commission pools with WRA and the ability to execute trades through their choice of brokers using a global network of over 25 trading firms; and independent equity research consultancy services through BNY Jaywalk, whose service covers independent research from a network of over 100 providers.
“As we grow our business in Europe, we have seen an increased demand for sophisticated trading products and the need for conflict-free solutions for the investment community, such as agency brokerage and independent research,” says Timothy F. Keaney, executive vice president and head of Europe at The Bank of New York. “Also, control of commission spending and investment management performance pressures have led to greater use of commission recapture and transition management programs. BNY Securities Group’s expansion of its European institutional product offerings meets the evolving challenges faced by investment managers and pension funds.”
Joseph M. Velli, senior executive vice president and head of BNY Securities Group, added: “It was a natural development for The Bank of New York to expand the services offered in Europe through BNY Securities Group, since our formula has worked well in the U.S. The European marketplace already represents a significant market for our business, and we are pleased to further demonstrate our commitment to expanding our operations to respond to the needs of our clients, both now and in the future.
The Bank of New York is committed to delivering global securities services for its clients in the investment management, pension fund and broker-dealer marketplaces through comprehensive solutions that integrate end-to-end processing throughout the investment lifecycle.”
BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. (including its U.S. Division BNY Global Transition Management) is a member NYSE/NASD/SIPC. Westminster Research Associates, Inc. is a member NASD/SIPC. G-Trade Services Ltd., a Bermuda-based broker-dealer and member of the Bermuda Stock Exchange, serves BLOOMBERG TRADEBOOK LLC, member NASD/SIPC, and its affiliates. G-Port and G-Trade are divisions of BNY Clearing Services LLC, member NYSE/NASD/SIPC, in the United States and of G-Trade Services Ltd. in Bermuda. In the United Kingdom, G-Port, G-Trade, BNY Global Transition Management, BNY Brokerage, Westminster Research Associates and BNY Jaywalk are all divisions of BNY Securities Limited, registered in England and Wales no. 3766757, authorized and regulated by the Financial Services Authority.