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Wednesday, June 03, 2015|
BNY Mellon Lands an Outsourcing Deal With a $770B Asset Manager
BNY Mellon's asset servicing unit just landed a big outsourcing deal with a publicly-traded asset manager.
Yesterday Samir Pandiri, global CEO of asset servicing at New York City-based BNY Mellon, confirmed that his unit signed a strategic agreement with T. Rowe Price [profile] to handle portfolio and fund accounting services for the Baltimore-based mutual fund titan. T. Rowe worked with more than $770 billion as of March 31.
The deal is slated to take effect in August and about 220 T. Rowe employees are expected to join BNY Mellon.
Bill Strickland, head of services and technology at T. Rowe, frames the deal with BNY Mellon as a response "to ongoing business, technology, and regulatory changes in a way that provides an even stronger operating environment for the future."
"This strategic relationship also allows us to focus the firm's resources on capabilities that strengthen our client value proposition and best support future business needs," Strickland states.
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