The Bank of New York and Metavante are offering a combined solution for the delivery of seperately managed account services to trust companies.
The service was developed in conjunction with Raleigh, North Carolina-based First Citizens Bank and Trust, which recently introduced Paramount Trust Choice, its own program, that uses The Bank of New York-Metavante technology.
The Bank of New York-Metavante service allows a trust company to select investment advisors for its clients from a list of money managers who provide investment management services for each client in a separate account. The Bank of New York facilitates this process and provides execution, clearing and custody services for the investments. Through a proprietary interface, data is fed to the Metavante trust accounting system, which provides trust and fiduciary accounting services for all investments held by the client.
Richard Shearer, senior vice president and head of The Bank of New York's North American banks division, comments: "We are now able to help our clients offer separately managed account services to their trust clients in a highly efficient manner."