ABN Amro Investment Fund Services has contracted with the Bank of New York (BoNY) for the supply and provision of investment manager outsourcing services for its new managed account business.
BoNY's outsourcing business, BNY SmartSource, will assume responsibility for all middle and back-office functions for the managed account business, including trade support, model and rotation management, account maintenance, investment accounting, reconciliation, AIMR-compliant performance measurement and billing.
In addition to business process outsourcing, BoNY will provide ABN Amro with a complete technology infrastructure to support the new business.
Kenneth Anderson, president and CEO, ABN Amro Investment Fund Services, says managed accounts are an ideal way to make investment processes available to a wider range of financial advisors and the deal with BoNY will help provide the highest level of servicing to customers.
Andrew Bell, senior vice president, BoNY, adds: "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."