ClariVest Asset Management signs for Mellon back office services

Source: Mellon Financial Corporation

Mellon Financial Corporation announced today that its Investment Manager Solutions (IMS) group will provide U.S. and global back office support, including reconciliations, performance and analytics, and client billing for ClariVest Asset Management LLC, an employee-owned investment manager specializing in U.S., international, and global equity strategies across the market-cap spectrum.

San Diego-based ClariVest, which stands for Clarity in Investing, was recently formed by an investment team that previously managed over $5 billion in assets at its former company. ClariVest is an institutionally oriented firm that blends bottom-up stock selection with economically intuitive criteria and a robust portfolio construction method.

"We are pleased to partner with Mellon, which has achieved outstanding success in providing sophisticated administrative services to asset management firms such as ClariVest," said Stacey Nutt, chief executive officer of ClariVest Asset Management. "Our goal is to create an enduring high-quality investment organization that builds on our record of investment success and we look forward to working with Mellon to deliver high-quality back office support to our clients.''

"We are delighted to be recognized for our extensive experience in helping firms to launch asset management operations," said Jack Klinck, Mellon vice chairman and president of its IMS group. "We are continuing to invest extensively in our global infrastructure so we can serve asset managers in their operations around the world."

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