Threadneedle Investments has announced that Bank of New York will manage Threadneedle’s existing Swindon-based Retail Client Services operations.
Threadneedle will become The Bank of New York’s largest transfer agency client. Threadneedle was advised throughout the selection and negotiation process by, amongst others, Troika, the specialist financial services management consultancy.
The deal is effective October 1, 2004.
“This deal stems from our analysis of the major changes that will occur over the next decade as supermarkets, aggregators and platforms increasingly form the bridge between fund managers and clients,” said Threadneedle’s Head of Distribution, David Sachon. “The challenge for our industry is to manage this potential reduction in business processing volumes whilst maintaining high quality service and containing unit costs.”