BNY Mellon has secured a mandate with Charles Schwab Investment Management to provider transfer agency services.
According to the global custody bank, it was selected based on its ‘long-term commitment’ to the transfer agency business, in addition to its client service model, technology platform and operational services.
“We are very pleased to be able to provide Charles Schwab Investment Management with the ability to help reduce the complexity and costs associated with servicing its clients’ assets,” said Steve Farlese, head of investor solutions products, BNY Mellon.
“This is another major step for BNY Mellon in continuing to provide an aligned operational structure that provides direct servicing benefits, streamlines access to investment information and improves efficiencies for our clients and their distribution partners.”
Through the mandate, Charles Schwab Investment Management will also be able to tap into BNY Mellon’s flagship data infrastructure OMNI.
BNY Mellon has boosted its transfer agency platform at a time where many other custody banks have exited the business, paving the way for technology-focused fund administrators and new entrants to fill the gap.
Last year, SS&C Technologies launched Global Investor and Distribution Solutions (GIDS), its revamped investor services and transfer agency platform. Meanwhile, Ultimus Fund Solutions has sought to digitise its transfer agency capabilities.