The Bank of New York announced that it has been appointed by RCM (UK) Ltd, part of the Allianz Dresdner Asset Management Group, to offer a middle and back office outsourcing service in the UK. The agreement involves the complete conversion of the RCM (UK) Ltd business to The Bank of New York’s BNY SmartSourceSM strategic IT platform and outsourcing business model.
Whilst already selected to provide outsourcing services to RCM Capital Management LLC in San Francisco, a decision taken in 2003, The Bank of New York was appointed by RCM (UK) Ltd in a separate selection process. Both investment firms will use a common global platform through BNY SmartSourceSM.
The Bank of New York will assume responsibility for operational functions including trade support, asset servicing, data management, position keeping, client reporting, fund accounting and custody for UK assets and clients. Upon completion of the conversion to BNY SmartSourceSM, a number of senior RCM operational managers and staff will join The Bank of New York in its London offices. RCM (UK) has in excess of $8.75 billion of assets under management on behalf of financial institutions and fund vehicles
Michael Hooper, chief financial and operating officer of RCM said, “We hope to realise significant operational efficiencies across the board through this outsourcing partnership. Following a thorough review of the services available, we were confident that The Bank of New York would provide us with the strongest platform available in the market and thorough support for our business processes. The partnership provides us with a basis for future growth.”
Timothy Keaney, executive vice president and head of The Bank of New York Europe said, “As the outsourcing trend continues to grow, we have demonstrated that we have a complete global capability to meet the needs of asset managers wherever they are located. This arrangement fits extremely well with our business model and further extends our leadership position in providing back office management services. Our single global platform can now be leveraged by RCM in both the US and UK, enabling their businesses to benefit from consistent processing, reporting and pass the book operations. In summary, it shows we can provide the best infrastructure in the market across all geographies.”