Source: Mellon Financial
Mellon Financial Corporation (NYSE:MEL) announced that its Asset Servicing group will administer the middle and back office for the managed accounts business of Bear Stearns Asset Management (BSAM).
Among the services that Mellon will provide are account opening and maintenance, transaction support, custodian reconciliation, and investor reporting services. Mellon will also be providing BSAM with an imaging and workflow tool.
"What impressed us most was Mellon's long-term industry commitment as a managed accounts outsourcing provider, and the experience of its industry- focused service team," said Stuart Hendry, managing director of investment operations for BSAM. "We needed a partner that brought the same level of quality and expertise to the back office as we bring to the front. Mellon is that partner."
"Asset managers want to focus on what they do best for clients - making excellent investment decisions," said James P. Palermo, Mellon vice chairman and head of asset servicing. "Outsourcing back office functions is a cost- effective solution that enables money managers to do that successfully. We look forward to enhancing the strong relationship Mellon enjoys with Bear Stearns Asset Management and furthering their efforts to better serve clients." Mellon currently administers approximately 65,000 managed accounts, representing $35 billion in assets.