New Regulatory Support Group helps clients better understand and prepare for GASB 67 and other emerging requirements
BNY Mellon, a global leader in investment management and investment services, announced that it has launched new reporting and performance analytics solutions to help U.S. public pension funds comply with GASB 67 requirements.
Starting with fiscal years ending June 30, 2014, GASB 67 standards take effect for U.S. public funds and are designed to improve financial reporting by state and local government pension plans by establishing standards aimed at enhancing accountability and transparency.
BNY Mellon has developed reports that will enable plan sponsors to seamlessly compile Statements of Net Assets and Net Changes, new requirements called for under GASB 67. The reports are easily customized and available to clients through Workbench™, BNY Mellon's technology portal. Additional solutions are designed to help clients meet their GASB 67 performance reporting requirements, with capabilities that feature:
Annual money-weighted returns integrated into existing standard and interactive reporting
Money-weighted returns available across all return types, including net-of-plan expenses
Returns reported by calendar or fiscal periods, as well as customized time periods
Extended time-period returns reported on an annualized or cumulative basis back to inception date.
"As new standards like GASB 67 continue to impact plan sponsors, they need investment servicers with a solid understanding of the financial regulatory landscape," said George Gilmer, BNY Mellon head of Asset Servicing for the Americas. "We're combining our technology and professional expertise to help them tackle these on-going challenges and better inform their decision-making process."
To assist institutional clients in navigating the growing maze of demands, BNY Mellon earlier this year formed the Asset Servicing Regulatory Support Group. The group works closely with clients to provide information around the changing regulatory environment, raise awareness of new legislation and emerging actions, and help them address requirements.
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.