Bank of New York completes RCM outsourcing transition

Source: Bank of New York

The Bank of New York, a global leader in securities servicing, has successfully completed the implementation of its outsourcing deal with RCM (UK) Ltd, part of the Allianz Global Investors Group, on schedule and within budget.

The arrangement includes the migration of RCM's systems to the Bank's BNY SmartSource platform, a strategic IT and operations package designed to meet the outsourcing needs of investment managers.

This latest announcement follows the successful transition of RCM's San Francisco operation to the BNY SmartSource platform in September 2004, resulting in one of the first successful migrations of a global investment manager to a centralised strategic IT platform.

The Bank's new obligations with RCM UK has three major elements. Firstly, the oversight of global custody which was moved to The Bank of New York in 2004; secondly, the fund accounting behind a range of RCM funds, investment trusts and OEICs; and finally, middle office support for the management of assets with a value of approximately $10.5bn. Servicing will be accomplished on a regional basis affording local coverage to this global manager in the respective time zones.

RCM (UK) Ltd is also the first UK company to utilise The Bank of New York's new trade enrichment and confirmation offering.

Michael Hooper, chief financial and operating officer of RCM (UK) Ltd said, "The transition to the BNY SmartSource platform was efficiently and effectively managed and kept to a tight budget and timescale. The decision to outsource our middle office will allow us to concentrate on our core activities and continue our growth in the future."

Timothy Keaney, executive vice president and the head of the Bank of New York Europe said, "The completion of the RCM (UK) outsourcing migration on time and on budget is a significant success for the BNY SmartSource team and RCM. We have spent significant time and resource on our implementation process, and this transition underscores the Bank's position as a leading and successful outsourcing partner."

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