Schroder Investment Management is outsourcing its middle office investment operations in North America to Bank of New York.
As part of the outsourcing arrangement, BoNY has assumed responsibility for a range of operational functions, including trade support, fail management, data management, investment accounting, third party custodian reconciliation, performance measurement and end-client appraisals on a private label basis.
In addition, the bank will develop and host a private-label Web portal for Schroders.
Andrew Bell, managing director and head of BNY SmartSource, the Bank's outsourcing business for global investors, says: "The trend toward a fully integrated outsourcing arrangement continues to accelerate, and we are pleased that our efficient, cost-effective outsourcing solution has been selected by Schroders."