Investment services provider BNY Mellon has been selected by Touchstone Investments to provide a variety of services, including mutual fund accounting and administration, transfer agency, and blue sky services for 14 additional Touchstone mutual funds.
This brings the total number of Touchstone mutual funds being serviced by BNY Mellon to 56, representing more than $11 billion in assets and more than 200,000 shareholder accounts.
BNY Mellon also provides call center servicing and regulatory administration services for Touchstone's mutual funds.
"We have been impressed by BNY Mellon's technology and sophisticated service offering," said Steven Graziano, president of Touchstone Investments, in a statement. "BNY Mellon has proven that it is committed to Touchstone's continued success and can support our needs as we act on our strategic goals to grow our business."
BNY Mellon currently provides fund accounting and administration services for more than 164 fund complexes with $1.3 trillion in assets in more than 1,500 funds, shareholder recordkeeping services to over 95 million shareholder accounts and middle-office outsourcing services to over 70 clients worldwide.
The news follows the announcement that Touchstone competed its acquisition of selected fund assets of Old Mutual Asset Management's U.S. mutual fund business.
Thirteen of the 17 acquired funds will retain their current Old Mutual affiliated sub-adviser. The addition of these Old Mutual Funds brings Touchstone's total fund lineup to 45, assets under management to nearly $12 billion and several new sub-advisors to its current roster of fund managers. The company announced the planned acquisition in October 2011.