The Bank of New York, a provider of integrated outsourcing solutions to financial institutions worldwide, has announced that it has been selected by RCM Capital Management LLC to provide a full spectrum of outsourcing services. The Bank will assume responsibility for all operational functions, including trade support, cash management, data management, multi-currency investment accounting, reconciliation, performance measurement and end-client reporting on a private label basis.
“After a thorough review of outsourcing alternatives, we selected The Bank of New York because they offered us a flexible solution that not only met our objectives, but also provided us with an operating platform that will meet the demands of our growing business,” commented Bob Goldstein, chief operating officer of RCM. “The Bank’s outsourcing solutions further enable us to focus on our core business while bringing expenses more in line with revenues. The Bank’s model is highly scaleable, and we are confident that we will continue to provide our clients with an exceptional service level.”
“We are very pleased that RCM has chosen The Bank of New York as its outsourcing partner,” said Thomas J. Perna, senior executive vice president at The Bank of New York. “The trend toward outsourcing among global investors continues to accelerate, and this appointment further validates our business model. In addition, we see this as a symbiotic relationship in which we’ll both benefit. RCM will benefit from our high quality service and faster speed to market for new products. Our global outsourcing business will be strengthened by our West Coast investment operation and the highly qualified RCM operations professionals who will join our firm.”
Upon completion of the conversion, senior RCM operations managers and staff will join The Bank of New York in its San Francisco operations. As of December 31, 2003, RCM had approximately $32 billion in assets under management and advice in its San Francisco office.