BNY Mellon Asset Servicing has launched OmniAccess, which enables broker-dealers to place non-personal, account-level information regarding the funds they distribute on to a centralized platform.
The platform offers fund asset managers access to detailed information and reports, which speeds up the reconciliation and verification process, BNY Mellon says. It was designed to improve data transparency between fund managers and their broker-dealer distributors by providing fund managers with direct access to the same information utilized by broker-dealers in the omnibus environment.
“OmniAccess provides clients with the resources they need to optimally manage their shareholder serving obligations,” says Michael DeNofrio, head of U.S. investor services within BNY Mellon Asset Servicing’s Global Financial Institutions business. “It marks an advance in providing transparency and improves coordination between the funds and distributors.”
Eileen Gilfedder, managing director of enterprise investor services for Global Financial Institutions at BNY Mellon Asset Servicing, adds: “The trend of more firms holding their clients’ mutual fund positions in a sub-accounting position and maintaining an omnibus level account at the fund greatly impacts the way fund asset managers and broker-dealers do business. The ability to offer enhanced data transparency capabilities will assist them in growing their business in today’s changing investor servicing environment.”
(CG)