NEW YORK, Feb. 14, 2012 /PRNewswire/ -- BNY Mellon Asset Servicing, the global leader in investment management and investment services, has launched OmniAccess, a service developed to help fund asset managers and broker-dealers increase efficiency and streamline administrative processes.
The advantages of OmniAcess include:
- OmniAccess enables broker-dealers to place non-personal, account-level information regarding the funds they distribute on to a centralized platform.
- The platform permits more efficient processing of administrative information and offers fund asset managers access to enhanced information and generated reports for rapid reconciliation and verification.
- The platform was designed to improve data transparency between fund managers and their broker-dealer distributors. OmniAccess does this by providing the fund managers with direct access to the same information utilized by broker-dealers in the omnibus environment (trades from multiple shareholders are combined into a single account for more efficient trade processing).
"OmniAccess provides clients with the resources they need to optimally manage their shareholder serving obligations," said Michael DeNofrio, head of U.S. investor services within BNY Mellon Asset Servicing's Global Financial Institutions business. "It marks an advance in providing transparency and improves coordination between the funds and distributors."
"The trend of more firms holding their clients' mutual fund positions in a subaccounting position and maintaining an omnibus level account at the fund greatly impacts the way fund asset managers and broker-dealers do business," said Eileen Gilfedder, managing director of enterprise investor services for BNY Mellon Asset Servicing's Global Financial Institutions business. "The ability to offer enhanced data transparency capabilities will assist them in growing their business in today's changing investor servicing environment."
BNY Mellon is one of the largest providers of shareholder recordkeeping, which comprises mutual fund transfer agency services and subaccounting services. BNY Mellon is the second largest provider of mutual fund transfer agency services and is the largest provider of subaccounting services in the U.S., as ranked by The 2011 Mutual Fund Service Guide.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
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 $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 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.
SOURCE BNY Mellon