BNY Mellon, the global leader in investment management and investment services, has been appointed by River and Mercantile Asset Management LLP to provide middle and back office solutions for assets valued at $3.1 billion.
In an extension of its existing outsourcing agreement with River and Mercantile, BNY Mellon is now providing middle office services and accounting in support of nine open-ended investment companies (OEICs) and all of River and Mercantile's segregated funds.
BNY Mellon is also providing data management services for all those assets using technology developed by Eagle Investment Systems, its wholly-owned subsidiary. Data is consolidated, validated and enriched by BNY Mellon before being delivered to River and Mercantile; the client can then augment that data in-house to support its front office, audit and compliance requirements.
Julian Cripps, COO at River and Mercantile said: "BNY Mellon's ability to provide a flexible middle office solution on globally-deployed technology was a key differentiator when it came to appointing our service provider. The quality of service and the level of support already provided by BNY Mellon, and the strong partnership our two companies have established over the past six years, were also key factors in our decision to extend our relationship."
Daron Pearce, EMEA head of global financial institutions, Asset Servicing at BNY Mellon, said: "The robust and scaleable nature of our unified middle office solution will allow River and Mercantile to meet the demands of new mandates more effectively. This expansion of our arrangement will assist River and Mercantile to bring new products and services to market more swiftly and to efficiently assimilate new business. It will also enable its management team to focus greater resource and investment on the activities that add value to their company, namely investment management and business development."
Under the terms of its existing outsourcing arrangement, BNY Mellon already provides River and Mercantile with global custody, trust and depositary, transfer agency, fund accounting and FX services.