The Bank of New York announced today that it has been selected to provide securities services for The Managers Funds and Managers AMG Funds.
The Bank of New York will provide mutual fund accounting, securities lending and global custody services for the 21 funds representing approximately $3 billion in assets, for which The Managers Funds LLC serves as the investment advisor and distributor.
Peter M. Lebovitz, president and chief executive officer of The Managers Funds LLC, said, “The Bank of New York was selected based on its proven ability to provide best-of-breed solutions that address our servicing needs. We were particularly impressed with the Bank’s flexible reporting capabilities. We look forward to leveraging this relationship to generate additional service enhancements for our clients.”
“We are delighted to have the opportunity to further develop our relationship with Managers,” said Thomas J. Perna, senior executive vice president of The Bank of New York. “This appointment reinforces our commitment to the investment management industry and our strategy of providing integrated custody and fund accounting services that enable asset managers to focus on their core competencies.”
Headquartered in Norwalk, Connecticut, The Managers Funds LLC was established in 1983. Managers is a subsidiary of Affiliated Managers Group, Inc.(NYSE:AMG), a Boston-based asset management company with equity investments in a diverse group of mid-sized investment management firms. The 21 no-load mutual funds in The Managers Funds and Managers AMG Funds families provide banks, investment advisors, financial consultants, retirement plans and retail investors with a wide range of U.S. and non-U.S. equity and fixed-income strategies. Managers serves as the manager of The Managers Funds, and employs a proprietary process to search for, select and monitor independent investment managers who serve as sub-advisors. The Managers AMG Funds are managed by Managers, and sub-advised by AMG Affiliates.
With $6.6 trillion in global assets under custody, The Bank of New York is the world’s largest custodian bank, operating in 26 countries and 101 markets.