BNY Mellon, the investment management and investment services group has announced a global expansion of its middle office outsourcing service for hedge funds, extending what was largely a Europe-only offering and rolling it out to select clients and prospects in North America and Asia.
This is a powerful offering that can help alternative funds boost operational efficiency and devote more time to core investment management functions, says Brian Ruane, BNY Mellon chief executive officer of Alternative and Broker-Dealer Services. It also offers enhanced transparency to investors looking for independent administrator verifications. Weve taken what was largely a regional capability and, building on OnCores data-centric approach, brought it to a new level of 24/7 worldwide operational support.
Building on its Dublin-based operation over the past 12 months, BNY Mellon Alternative Investment Services has invested in new technology and workflow redesign to better support hedge fund clients and added capabilities resident at BNY Mellon, incorporating components of its OnCore middle office solution for investment managers.
BNY Mellon was one of the first global custodians to create an investment manager outsourcing business and continues to enhance its services, ranging from hosted software offerings to full lift-outs.
BNY Mellons middle office platform for hedge funds includes a comprehensive suite of scalable and modular post-trade and pre-settlement services. These include interactive P&L reporting, real-time trade processing, reconciliation, OTC confirmation and valuation, plus collateral and cash management. The service is fully integrated with fund accounting and custody and offers a follow-the-sun operational model ready to support virtually any market, asset type or currency.
The middle office connects real-time trade capture and reporting with other areas where we add value, such as cash and collateral management and risk reporting, says Alan Flanagan, head of global product management for BNY Mellon Alternative Investment Services. By linking them to a fully integrated platform, we can free-up fund managers to focus on their investors and grow their business.
BNY Mellon Alternative Investment Services is a leading servicer of single manager hedge funds, funds of hedge funds, and private equity assets, with more than $400 billion in assets under administration. It operates globally in Bermuda, the Cayman Islands, Guernsey, Hong Kong, Ireland, Japan, Luxembourg, Poland, Singapore and the U.K., plus six U.S. states. BNY Mellons wide range of offerings to the alternatives industry also include cash and collateral management, foreign exchange, operational outsourcing, trust and custody, and wealth management services.
It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.
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