Mellon Global Investments is to migrate its back office straight through processing environment from Windows NT to Unix as it adds support for corporate actions processing and expands deployment of the SmartStream Reconciliations software suite enterprise-wide.
MGI - which has almost $600 billion assets under management - says the addition of SmartStream's new corporate actions module will allow it to integrate corporate events processing, generic matching and exceptions management into a single package. As part of this, the group is migrating the package from an NT to a Unix platform to enable enterprise-wide deployment.
Andrew Downs, director of investment operations, MGI, comments: "The ability to integrate corporate actions, reconciliations and exceptions management into a single platform was integral to our decision to select SmartStream Corporate Actions. Corporate events by their nature create exceptions and the ability to identify these will significantly reduce workloads across numerous departments."
He says the introduction of Swift ISO 15022 standard message formats has acted as a catalyst in automating corporate events processing.