BNY Mellon has released OnCore, its comprehensive outsourcing platform for investment managers, in the Europe, Middle East & Africa and Asia-Pacific regions following a rollout period in North America.
OnCore combines BNY Mellons processing, data warehousing, accounting, performance measurement and trading solutions onto a single platform, which results in exhaustive, golden copy information. Most asset servicing providers offer these services as separate solutions on multiple platforms that could vary from client to client, especially when firms acquire other providers and do not consolidate platforms, says Daron Pearce, head of Investment Manager Services for EMEA and Asia-Pacific at BNY Mellon Asset Servicing.
What is different about our model is that we are no longer looking at outsourcing from a custodian standpoint or accounting standpoint, but rather maintenance of a golden copy set of reference data at the heart of the proposition, Pearce says.
Asset managers need more data more quickly and more consistently, with an emphasis on transparency and risk mitigation, he adds. There is a whole raft of challenges asset managers are struggling with. That has led the firm to organized OnCore around a centralized data hub, which he says saves costs by allowing managers to be more flexible in responding to changes in demand, trends and regulations.
OnCore encompasses the outsourcing of activities from securities processing through accounting and risk monitoring, including trade communication, reconciliation, accounting services, cash management, corporate actions support, performance measurement and attribution, risk & analytics, compliance reporting, information delivery, data management, and client billing and statements.
The focus on data, in addition to accounting or custody services, enhances managers transparency and reporting capabilities, Pearce says.
The multi-currency solution supports multiple asset classes and structures, including institutional separate accounts, commingled funds and alternative funds as well as mutual funds, and offers a harmonized view of an institutions activities across departments and offices.
OnCore is supported by Eagle Investment Systems, a division of BNY Mellon.
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