Schroders in US outsources 3bn to Bank of NY
Schroders Investment Management North America has entered an outsourced investment operations agreement with the Bank of New York for $3 billion in assets.
Under the deal, the Bank of New York will manage trade support, fail management, data management, investment accounting, third party custodian reconciliation, performance measurement and end-client appraisals for Schroders. The bank will also develop and host a private labeled web portal for the company.
Mark Hemenetz, operating chief at Schroders, said "We want to continue to focus on building our business and providing superior investment performance. The Bank's outsourcing solution enables us to focus on our core competency while effectively managing costs."
Image Source: www.schroders.com
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