Thomas Miller Investment outsources custody and administration to BNY Mellon
LONDON, Oct. 30, 2012 /PRNewswire/ -- 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."
Notes to editors
Thomas Miller Investment has funds under management in excess of £2.7 billion and manages tailored investment portfolios for insurance mutuals, charities, pension schemes, governments and private clients.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at September 30, 2012.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818
Branch office: One Canada Square, London E14 5AL
Authorised and regulated in the UK by the Financial Services Authority.
SOURCE BNY Mellon