Bank of New York Mellon Corp. has been gobbling up acquisitions throughout the recession in its quest to expand its business and extend its geographic reach.
On Monday, it announced it bought Portsmouth Financial Systems, a developer of modeling and analytics of structured credit transactions, to provide clients and investors with greater transparency for structured credit portfolios.
BNY Mellon said the acquisition will allow it to offer clients and investors an opportunity to review actual or predictive security cash flows, to access loan level historical data analysis and cash-flow scenarios, and to plug-in default and prepayment modeling. The new service will initially focus on analysis related to U.S. residential mortgage-backed securities and will expand over time to include other structured assets globally.
The deal’s price was not disclosed.
“This acquisition will allow us to provide clients and investors with a greater level of transparency around their structured credit holdings,” said Patrick Tadie, executive vice president and head of global structured credit at BNY Mellon Corporate Trust. “It will enhance their analysis and decision-making capabilities by providing them with an independent, centralized source of data and extensive modeling tools.”
Last month, BNY Mellon completed the acquisition of Insight Investment Management Limited from Lloyds Banking Group and Pinnacle Arbitrage Compliance, one of the largest independent U.S. firms devoted exclusively to compliance services for tax-exempt bond issuers and conduit borrowers. The price of that deal was not disclosed, either.
BNY Mellon had $22.1 trillion in assets under custody and administration and $966 billion in assets under management as of Sept. 30.