Thomas Miller Investment (TMI), a member of the 127-year-old Thomas Miller Group of Companies, has signed a ten year administration and custody outsourcing agreement with BNY Mellon, the global leader in investment management and investment services.
BNY Mellon's Asset Servicing group will be responsible for Thomas Miller Investment's institutional business while Pershing, a BNY Mellon company, will service TMI's private investment management business. The agreement with BNY Mellon covers both the onshore and offshore business requirements of TMI.
The agreement enhances TMI's offering to its clients via new added value services and provides TMI with the infrastructure to create a scalable platform to allow the business to fulfil its future potential. It also enables TMI to concentrate on delivering excellence in its investment management activities.
Mike Balfour, Chief Executive at Thomas Miller Investment, said: "Thomas Miller Investment is investing to provide a first class service for all our clients and as such we undertook a thorough review of our administrative capability. By outsourcing these functions we will be able to focus on our areas of knowledge and expertise, which lie within investment management. We are now in a position where the business can grow steadily, and as this happens this deal will allow us to expand our offering by making available our services to larger companies."
Daron Pearce, Head of Global Financial Institutions, EMEA at BNY Mellon, said: "This long-term partnership with Thomas Miller Investment will see us provide an array of key services into their front and middle offices. Our robust and scaleable OnCore middle office solution will enable TMI to focus on investment performance and growing their business. The breadth of BNY Mellon's product range, our strong credit ratings and balance sheet, combined with our commitment to service delivery, were all key to our appointment."