ING Investment Management
has tapped the Bank of New York
(BoNY) to administer its managed accounts program. BoNY jumped into the space with its purchase of Lockwood Financial
last summer. As part of the agreement many of ING Investment Management's operations managers and staff will transfer to BoNY, according to the firms.
The ING Managed Account Group claims to administer more than 30,000 accounts with in excess of $7 billion in assets.
BoNY will assume responsibility for all operations and accounting functions of ING Investment Management Americas' managed accounts business. It will also provide the technology infrastructure to support the business. The operational duties include: account opening and maintenance, trade support and reconciliation, according to Thomas J. Perna
, senior executive vice president at BoNY.
, president and chief executive officer of the ING Managed Account Group, said, that BoNY was chosen because of its high degree of service and its innovative solutions. He added that by outsourcing the platform, ING would be able to focus more on providing clients "a broader array of high-quality investment, sales, marketing, and client-centric services."
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