Mellon Financial Corporation’s investment management arm will now handle back-office services for Provident Investment Counsel, Inc.’s institutional clients, adding $5 billion to the assets under management it already oversees for the California-based asset manager.
Mellon has served as a custodian for Provident’s commingled funds since 1997. The outsourcing of the institutional back office for Provident will include trade processing, securities clearance and settlements, valuation, client billing, client statements, cash management support services, and performance and analytics measurement. Mellon will support Provident’s institutional business from its Los Angeles service center.
“Mellon’s back-office expertise will enable Provident to continue to focus its full attention and resources on the investment needs of our institutional clients,” said Aaron W. Eubanks, managing director, chief operations officer and chief compliance officer of Provident Investment Counsel, Inc. “By using Mellon’s scaleable technology platform for our back-office needs, we expect to grow our business in a cost-efficient manner.”