securities services, has been appointed by QIC (previously known as
Queensland Investment Corporation) to provide commission recapture services
for its clients through BNY Brokerage Inc., a wholly owned subsidiary of the
Bank and a member of BNY Securities Group.
Michael Cottier, general manager corporate services at QIC, said, "After a
thorough and competitive search for a commission recapture provider, we
selected BNY Brokerage because we were impressed with its robust electronic
and broker-assisted trading capabilities, as well as with its comprehensive
commission management service and broad correspondent broker network. We
are confident that this diverse product suite will provide our money
managers with all the trading resources they need while fulfilling our
requirements for controlling commission costs."
Boyd Lees, managing director of BNY Securities Australia Limited, said, "We
are delighted to welcome QIC as The Bank of New York's first Australian
commission recapture client. Establishing a foothold in the Australian
superannuation marketplace is a critical part of the Bank's expansion plans
in the Asia-Pacific region, as underscored by the opening of its Sydney
office earlier this year."
With its acquisition of Lynch, Jones & Ryan, Inc., which is expected to
close on July 1, the Bank will become the industry's largest commission
recapture provider. In addition, the acquisition will provide the Bank with
the ideal platform to introduce its full suite of securities services to the
plan sponsor communities in Asia and Europe.
QIC is Australia's fourth largest wholesale fund managers with close to $40
billion of client funds invested on behalf of a range of public and private
sector companies, including major superannuation funds.