BNY Mellon has been selected by Bridgewater Associates to provide middle- and back-office outsourcing services for approximately $125 billion of assets.
BNY Mellon will provide services such as a fully integrated data warehouse, trade processing, portfolio accounting and derivatives processing via its outsourcing platform, BNY Mellon OnCore. The custodian already provides Bridgewater with custody, fund accounting and fund administration.
“Bridgewater is extending its partnership with BNY Mellon to continue to provide world-class, operationally excellent middle- and back-office services and to access the scale and breadth of technology services that BNY Mellon can offer Bridgewater clients,” says Eileen Murray, co-CEO of Bridgewater. “This comprehensive solution will enable Bridgewater to maintain and differentiate our leading edge back office capabilities in terms of flexibility and service quality to meet the needs of the coming decade and to enable more robust capabilities as our alpha and beta strategies evolve.”
As part of the deal, BNY Mellon will hire approximately 100 Bridgewater software experts, business analysts, accountants and other employees based in Westport, Conn., who will join the custodians asset-servicing team.
“Our OnCore platform is a best-of-breed technology specifically designed for investment managers,” said Tim Keaney, CEO of BNY Mellon Asset Servicing. “Today we are announcing a comprehensive solution that meets Bridgewater’s business requirements while also providing the required level of transparency, scalability and security.”
Nadine Chakar, executive vice president and head of global financial institutions at BNY Mellon Asset Servicing, adds: “This is a great opportunity to expand our collaboration with Bridgewater, and demonstrates the power of our outsourcing proposition for their needs. The solutions we are offering for Bridgewater’s clients through the middle and back office will provide a state-of-the-art support platform that is simple, robust, easily customized and global.”
(CG)