BNY Securities Group, the institutional agency brokerage and correspondent clearing arm of Bank of New York, has launched an Internet portal for its commission management services. It aims to allow money managers and plan sponsors to manage their commission expenditure more efficiently.
This new service will be offered through BNY Brokerage Inc., B-Trade Services
LLC and Westminster Research Associates Inc., the brokerage affiliates that are part of BNY Securities Group. The commission management portal has been customized to the specifications of each of these brokerage units to support their different business models.
“The commission management portal enables clients to easily and quickly access their monthly commission statements, resulting in faster report delivery,” says BNY Securities. “The portal also maintains an archive of previous statements and client reports, allowing access to historical information that is useful in supporting clients’ compliance objectives.”
Through the service, clients will be able to access soft-dollar vendor invoices over the Internet. “This function significantly enhances clients’ ability to approve and pay these invoices and gives them greater control over invoice tracking by working directly with their account managers in an integrated and automated workflow process,” says BNY Securities. “Additionally, clients can view, print or download copies of certain current regulatory releases and “best practice guides,” as well as information from various sources in an easy-to-use, centralized interface.” The portal is expected to include an online catalog of investment research products and services and other features later this year.
“The launch of this client-oriented commission management portal further demonstrates our position as the premier provider of commission management services and our commitment to enhancing the services available to our clients,” says Ralph M. Mastrangelo, executive vice president of The Bank of New York and deputy head of BNY Securities Group. “The goal of BNY Securities Group is to offer the industry’s most innovative products and services at every stage of the investment lifecycle. We are continuing to invest in the infrastructure and capabilities required to be the industry’s platform of choice for managing commissions.”