BNY Mellon has introduced a fee management service for asset managers designed to help them determine which distributors are most efficiently distributing their funds.
The offering, serviced through BNY Mellon’s transfer agency group, has been designed to help asset managers understand the services they are receiving for the fees they pay to broker-dealers.
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Michael DeNofrio, head of enterprise investor services, global financial institutions business for BNY Mellon, said: "This service provides our asset manager clients with the opportunity to better understand and reconcile fees paid while providing a broader view into their distributor relationships. This is a full-service solution that automates functions that many asset managers have been performing manually. Utilizing inefficient, manual systems could potentially result in efficiencies in tracking fund distribution. We are committed to continually enhancing our services to both asset managers and broker-dealers to help them address the unique challenges they face in today’s marketplace."
BNY Mellon currently provides shareholder recordkeeping services to over 150 million shareholder accounts with assets of more than US$3.9 trillion and is ranked as the largest provider of subaccounting services and the second largest provider of transfer agency services in the US, per the 2013 Mutual Fund Service Guide.
BNY Mellon has contracted with Delta Data Software to provide this service.
BNY Mellon Asset Servicing 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.
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