Pittsburgh-based Mellon Financial announced on Friday that its Payments Solution and Investor Services unit would administer the middle and back office for the managed accounts business of Clover Capital Management.
Mellon will provide Clover Capital, an independent investment adviser, with outsourcing account and operation services, such as opening accounts, transaction support, account reconcilement, performance measurement support, account maintenance, investor reporting and billing support. Financial details of the deal were not disclosed.
"We expect to benefit by leveraging the capabilities of Mellon's scaleable infrastructure, particularly its integrated imaging and workflow system," said Stephen Carl, CEO of Rochester, N.Y.-based Clover Capital.
Clover Capital's managed accounts will be added to the estimated 60,000 accounts already serviced by Mellon. Those accounts currently represent about $26 billion in assets. Globally, the financial services giant manages more than $4 trillion.
Clover Capital manages approximately $2.5 billion in assets and specializes in employer benefit plans and endowments for individual investors, and both domestic and international foundations.