Barclays Global Investors has chosen The Bank of New York to provide back office administration services for its recently launched UK mutual fund business.
BNY European Fund Services is using The Bank of New York's proprietary Rufus platform to support BGI's newly created Open Ended Investment Company (OEIC), which comprises 10 actively managed funds and one passive fund.
The OEIC was launched on 4 March and is available via independent financial advisors (IFAs) and Fidelity Funds Network. BGI's OEIC/unit trust assets under management total approximately $5.7 billion.
The Bank of New York recently upgraded its proprietary Rufus platform to incorporate Microsoft's Visual Studio .NET technology.
Other recent significant new mandates for The Bank of New York include the Belgium domiciled mutual fund, AXA B Fund, and also Euro SPDR, the exchange-traded fund family sponsored by Credit Lyonnais Asset Management.