Thomas Miller Investment (TMI) has signed a ten-year administration and custody outsourcing agreement with BNY Mellon. The agreement will have BNY Mellon Asset Servicing handling TMIs institutional business and BNY Mellon subsidiary Pershing servicing TMIs private investment management business, covering onshore and offshore business.
TMI has more than 2.7 billion of funds under management spanning tailored investment portfolios for insurance mutuals, charities, pension schemes, governments and private clients.
Under the agreement, TMI will be able to offer additional value-added services to clients.
Thomas Miller Investment is investing to provide a first class service for all our clients and as such we undertook a thorough review of our administrative capability, says Mike Balfour, chief executive of TMI. By outsourcing these functions we will be able to focus on our areas of knowledge and expertise, which lie within investment management. We are now in a position where the business can grow steadily, and as this happens this deal will allow us to expand our offering by making available our services to larger companies.
Daron Pearce, head of Global Financial Institutions, EMEA, at BNY Mellon, says the firm will provide an array of services for TMIs front and middle offices. Our robust and scalable OnCore middle-office solution will enable TMI to focus on investment performance and growing their business, Pearce says. The breadth of BNY Mellons product range, our strong credit ratings and balance sheet, combined with our commitment to service delivery, were all key to our appointment.
(CG)