Source: BNY Mellon
BNY Mellon Shareowner Services today announced the successful launch of a new service offering tailored to the needs of Special Purpose Acquisition Companies (SPACs).
Publicly traded companies formed to raise capital to fund acquisitions or other similar business combinations, SPACs have grown considerably in recent years, both in terms of number of entities created and average deal size. BNY Mellon Shareowner Services introduced a turnkey service offering tailored to the needs of SPACs late last year, and the service is now being provided to an initial set of clients representing a combined $1.5 billion in capital.
"We took a careful look at the market segment early last year, and discovered that no one was offering to SPACs on a comprehensive basis all of the services they require," said Declan Denehan, Senior Vice President of BNY Mellon Shareowner Services Business Development. "Considering the range of securities services required - transfer, warrant, escrow and trust account agent; cash management; proxy solicitation; and corporate actions processing - it's hardly surprising that integrated service packages were not available. When you factor in asset management as a key part of the service delivery package, and the close degree of coordination between asset servicing and asset management that an integrated solution requires, the absence of a provider that can pull it all together is even easier to understand."
"Our new SPAC solution fills this void, providing clients with an ideal solution from both an expertise and coordination standpoint. It enables us to offer a comprehensive suite of services and resources - all under one roof - that respond to our clients' needs at every stage of a SPAC's life cycle, from inception to business combination and beyond," Denehan said."
"We've made a strategic commitment to expanding our business to include far more than traditional transfer agency services," said Gretchen Mohen, President of BNY Mellon Shareowner Services. "Operating as part of a global asset management and asset servicing leader enables us to add important new dimensions to innovative offerings like our SPAC service, all the while maintaining the reputation for control, compliance, audit and reliability that serves as the foundation for our business."