RCM, part of the Allianz Dresdner Asset Management Group, is outsourcing middle and back office processes at its UK operations to Bank of New York.
BoNY's SmartSource subsidiary will handle all RCM UK's operational functions including trade support, asset servicing, data management, position keeping, client reporting, fund accounting and custody for assets and clients.
Under the contract, a number of RCM's senior operational managers and staff will transfer to BoNY's London office.
Michael Hooper, chief financial and operating officer of RCM, says: "We hope to realise significant operational efficiencies across the board through this outsourcing partnership. Following a thorough review of the services available, we were confident that The Bank of New York would provide us with the strongest platform available in the market and thorough support for our business processes."
BoNY already provides outsourced services to RCM Capital Management in San Francisco and says the new contract will enable RCM to utilise its SmartSource services in both the US and UK, which will provide consistent processing, reporting and pass the book operations.