Zurich Financial Services awards fund processing contract to Pershing
21 May 2008 | 3014 views | 0
Source: Bank of New York Mellon Corporation
Pershing Limited, an affiliate of Pershing LLC and a subsidiary of The Bank of New York Mellon Corporation, announced today that it has been selected by Zurich Financial Services Group to provide mutual fund processing services through its Nexus Funds solution.
Through Nexus Funds, clients of Sterling ISA Managers Limited, part of Zurich Financial Services Group, will benefit from access to a wider range of funds than previously available. Nexus Funds is a straight-through processing, no-transaction fee mutual fund solution that is fully integrated with the Pershing Nexus® platform. Deals benefit from guaranteed contractual settlement and consolidated trailer fee payments, ensuring predictable settlement dates and streamlining clients' administration and payment processes.
Pershing's Nexus platform provides private client wealth managers, life companies, building societies and independent financial advisors (IFAs) with a single access point to buy and sell a variety of global funds and all major financial instruments including equities, fixed income and foreign exchange.
Peter Christmas, chief relationship officer at Pershing Limited, said, "We are delighted that Zurich has chosen our Nexus Funds solution for their mutual funds processing needs. This is a very important step toward our objective to become a major service provider to this part of the market. Equally, Pershing's whole of market, multi-asset class platform, coupled with our independence from competing life companies, is especially attractive for firms looking to enhance their proposition to their IFA clients with new servicing initiatives and greater fund choice and flexibility."
Paul Wright, investment management director at Zurich UK Life, said, "We are pleased to be working closely with Pershing. This latest development allows us to offer Sterling customers access to a wider range of funds through our award winning Sterling proposition."