The Bank of New York said late last week that it has signed an agreement with a provider of managed account technology platforms.
The bank will acquire EMAT, which provides managed account technology and processing services to more than 140 money managers. Terms of the deal, which is still subject to regulatory approval, were not disclosed.
The Bank of New York, like other industry observers, regards the managed account market as a growth prospect. In acquiring EMAT, the bank hopes to expand its ability to provide services to fund companies and others that offer the products, said Bank of New York President Gerald Hassell.
"The addition of EMATs systems and capabilities to our account servicing platform will create an operational engine that covers the entire spectrum of managed money alternatives, enabling us to service the broadest possible client base," Hassell said.