The Bank of New York has been selected by ABN Amro Investment Fund Services to provide outsourcing services for its new separately managed account product.
BONY, through its BNY Smart Source business, will be responsible for all middle- and back-office functions for ABN Amro's managed account offerings, including trade support, model and rotation management, account maintenance, investment accounting, reconciliation and AIMR compliance. BONY will also facilitate the complete technology infrastructure to support the business.
"We understand the nuances of dealing in a multi-sponsor environment and will leverage our technology and highly trained personnel to provide ABN Amro with the infrastructure it needs to compete in this high growth industry," said Andrew Bell, senior vice president at Bank of New York.
BNY Smart Source is an extension of an investor's front office that helps investment managers evaluate outsourcing options, maximize efficiency and mitigate risk. It currently operates in the U.S. and Europe with a staff of more than 500 employees. ABN Amro and its investment affiliates manage more than $52 billion in assets on behalf of various constituencies including corporations, unions, governments, insurance companies, charities and investment companies.
Copyright 2003 Thomson Media Inc. All Rights Reserved.