BNY Mellon has expanded its middle office outsourcing service for hedge funds, extending what was largely a Europe-only offering and rolling it out to select clients and prospects in North America and Asia.
Building on its Dublin-based operation over the past 12 months, BNY Mellon Alternative Investment Services has invested in new technology and workflow redesign to better support hedge fund clients and added capabilities resident at BNY Mellon, incorporating components of its OnCoreSM middle office solution for investment managers. BNY Mellon was one of the first global custodians to create an investment manager outsourcing business and continues to enhance its services, ranging from hosted software offerings to full lift-outs.
BNY Mellon’s middle office platform for hedge funds includes a comprehensive suite of scalable and modular post-trade and pre-settlement services. These include interactive P&L reporting, real-time trade processing, reconciliation, OTC confirmation and valuation, plus collateral and cash management. The service is fully integrated with fund accounting and custody and offers a ‘follow-the-sun’ operational model ready to support virtually any market, asset type or currency.
“This is a powerful offering that can help alternative funds boost operational efficiency and devote more time to core investment management functions,” says Brian Ruane (pictured), BNY Mellon chief executive officer of Alternative and Broker-Dealer Services. “It also offers enhanced transparency to investors looking for independent administrator verifications. We’ve taken what was largely a regional capability and, building on OnCore’s data-centric approach, brought it to a new level of 24/7 worldwide operational support.”
“The middle office connects real-time trade capture and reporting with other areas where we add value, such as cash and collateral management and risk reporting,” said Alan Flanagan, head of global product management for BNY Mellon Alternative Investment Services. “By linking them to a fully integrated platform, we can free-up fund managers to focus on their investors and grow their business.”
BNY Mellon Alternative Investment Services is a leading servicer of single manager hedge funds, funds of hedge funds, and private equity assets, with more than $400 billion in assets under administration. It operates globally in Bermuda, the Cayman Islands, Guernsey, Hong Kong, Ireland, Japan, Luxembourg, Poland, Singapore and the UK, plus six US states. BNY Mellon’s wide range of offerings to the alternatives industry also include cash and collateral management, foreign exchange, operational outsourcing, trust and custody, and wealth management services.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and USD1.2 trillion in assets under management, services USD11.9 trillion in outstanding debt and processes global payments averaging USD1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.
