BNY Mellon extends middle-office service to America and Asia
BNY Mellon is offering its middle office outsourcing service for hedge funds to some North American and Asian clients, marking an expansion of the product that was previously more focused on Europe.
The service provides fund managers with profit and loss reporting, real-time trade processing and reconciliation, confirmation and valuation of over-the-counter trades, and collateral and cash management.
The bank says this service is “fully integrated with fund accounting and custody”, and can accommodate a range of asset classes and markets.
Brian Ruane, BNY Mellon chief executive officer of alternative and broker-dealer services (pictured), said: “This is a powerful offering that can help alternative funds boost operational efficiency and devote more time to core investment management functions.
“It also offers enhanced transparency to investors looking for independent administrator verifications.”
BNY Mellon Alternative Investment Services has more than $400bn assets under administration. BNY Mellon processes global payments averaging $1.7trn per day.