Mellon Global Securities Services (GSS) group will administer the middle and back office for a majority of Old Mutual Investment Partners’ managed accounts business in the United States.
“We were impressed with Mellon’s experience, scalable infrastructure and commitment to the separately managed account space,” says Kevin Hunt, executive vice president and head of sales, marketing and product development for Old Mutual Asset Management. Mellon says its platform will allow Old Mutual Investment Partners affiliates to gain further efficiencies in their managed account operations.
“Mellon GSS was the first to offer managed account outsourcing and sets the standard for the asset-servicing industry with more than 50,000 accounts and $19 billion in assets under administration,” says James P. Palermo, Mellon vice chairman and president of Mellon GSS. “Providing this back office support for managed accounts is a key growth area for us. We expect to take advantage of our back office outsourcing experience and efficient use of technology to offer exceptional services to Old Mutual.”
Old Mutual Investment Partners (OMIP) aims to offer institutional-quality strategies to sponsors of managed account programs. It draws on over 20 investment firms grouped under the Old Mutual Asset Management umbrella. The company says its centralized structure provides managed account program sponsors a dedicated support team covering the various managers and strategies.