The Bank of New York has announced that it has been selected by ABN AMRO Investment Fund Services, Inc. to provide a full spectrum of investment manager outsourcing services for its new managed account offering.
The Bank, through its global outsourcing business BNY SmartSourceSM, will assume responsibility for all middle and back-office functions related to ABN AMRO’s managed account business, including trade support, model and rotation management, account maintenance, investment accounting, reconciliation, AIMR-compliant performance measurement and billing.
In addition to business process outsourcing, The Bank of New York will provide ABN AMRO with the complete technology infrastructure to support this business.
Kenneth C. Anderson, president and chief executive officer of ABN AMRO Investment Fund Services, Inc., said, “The Bank of New York is an industry leader in outsourcing, and we look forward to working with them as we expand our product availability with managed accounts. Managed accounts are an ideal way for us to make our respected investment processes available to a wider range of financial advisors, and we are confident that The Bank of New York will help us provide the highest level of servicing to our customers.”
Andrew J. Bell, senior vice president at The Bank of New York, said, “We welcome ABN AMRO to our growing list of managed account outsourcing clients.
The Bank of New York supports the managed account industry from
both
the sponsor and investment manager perspectives.
We understand the nuances of dealing in a multi-sponsor environment and will leverage our technology and highly trained personnel to provide ABN AMRO with the infrastructure it needs to compete in this high growth industry.”