The Bank of New York Company, Inc. has announced that, through an agreement with Thomson Institutional Services Inc. (TISI), a unit of Thomson Financial, it is further broadening its third-party independent research and commission management service offering to institutional investment clients. Under the agreement, TISI will transfer its commission services client base to Westminster Research Associates, Inc. (WRA), a subsidiary of The Bank of New York and a member company of BNY Securities Group, which is the Bank’s agency brokerage, clearing and financial services outsourcing sector.
“TISI clients will benefit from our wide range of product offerings, multiple execution venues, and the Bank’s commitment to meeting the needs of clients at every stage of the investment lifecycle with the highest quality service,” commented Joseph M. Velli, senior executive vice president of The Bank of New York and Head of BNY Securities Group.
“This undertaking demonstrates our focused commitment to providing commission management and independent research solutions to the investment management industry,” said John D. Meserve, president of Westminster Research Associates. “We value the relationship that TISI has with its clients and look forward to continuing to provide its clients with unique services and innovative solutions.”
Suresh Kavan, president of the Global Customer Segment Group at Thomson Financial, commented, “The sale of TISI to The Bank of New York allows us to continue to focus on our core business. We are confident that the acquisition of TISI by The Bank of New York puts our clients in the hands of a proven industry leader who has constantly shown the strategic focus and commitment to be successful in the brokerage business. We are certain our clients will be well served.”