BoNY signs RCM Capital Management to outsourcing services
26 February 2004 | 3991 views | 0
RCM Capital Management, part of the Allianz Dresdner Asset Management Group, is outsourcing all operational functions to the Bank of New York.
BoNY, which provides outsourcing services through its BNY SmartSource subsidiary, will assume responsibility for functions including trade support, cash management, data management, multi-currency investment accounting, reconciliation, performance measurement and end-client reporting on a private label basis.
Under the contract, RCM's senior operations managers and staff will transfer to BoNY's San Francisco office.
Bob Goldstein, chief operating officer, RCM, says: "The bank's (BoNY) outsourcing solutions further enable us to focus on our core business while bringing expenses more in line with revenues."
Thomas Perna, senior executive vice president at The Bank of New York, says the addition of RCM staff will strengthen BoNY's West Coast investment operation.
"The trend toward outsourcing among global investors continues to accelerate, and this appointment further validates our business model,"he says.