Liontrust has appointed the Bank of New York to provide a retail fund outsourcing service for its range of UK unit trusts. Collectively, the five funds, which invest in the UK stock market, amount to approximately 1.2 billion.
The Bank of New York will provide Liontrust with full fund administration, including the processing of telephone deals and monthly management accounting, statements, distributions and reconciliation processing.
The Liontrust unit trust administration business will be migrating onto The Bank of New York’s retail funds dealing and registration software in February 2004.
“This outsourcing partnership with The Bank of New York enables us to focus on further enhancing our client service and investment performance,” says Vinay Abrol, IT and operations director at Liontrust. “We have experienced rapid growth in funds under management over the past few years, and we are confident that The Bank of New York provides us with the leading capabilities in fund administration service to meet our requirements.”
Nick Parkes, Head of European Fund Services for The Bank of New York added that “outsourcing has become a key issue for retail fund managers. The Bank of New York’s outsourcing service provides the flexibility and power to support a client’s existing business as well as future growth opportunities. To be endorsed by a fast growing and respected player in the market like Liontrust demonstrates the strength of our retail fund outsourcing service.”
Liontrust Investment Funds Limited is a wholly owned subsidiary of Liontrust Asset Managment, the holding company of the UK Equities Fund Management Group, which runs 4.5 billion in segregated and pooled pension fund accounts, unit and investment trusts, offshore funds, an absolute return fund, Personal Equity Plans and Individual Savings Accounts.