BNY Mellon launches new retrocession service

BNY Mellon launches new retrocession service

BNY Mellon has announced a new retrocession servicing capability designed to help asset managers in fee and commission processing.

BNY Mellon said the new service would remove the need for manual intervention when setting up terms and conditions between  asset managers and contracting parties as part of distribution agreements, reducing financial and operational risk.

Jon Willis, head of transfer agency for Emea and Asia-Pacific, asset servicing at BNY Mellon, said the new service would “lower operational and financial risk” for transfer agents and asset managers.

“This new process is safer and more transparent, and reduces financial risk through embedded asset control. This new capability means we are well positioned to accommodate the requirements that will emerge under a single operating model, as well as the changes resulting from regulatory reforms like Mifid II,” he said.

BNY Mellon has also partnered with software development firm Abraxas to improve data importing facilities. It said the new service would eliminate the need for workarounds or manual entry when calculating trailer fee calculations, which had proven to create issues for asset managers due to a lack of standardisation across the industry.

Thought Leaders

OCC continues to fulfill its role as a SIFMU

The Options Clearing Corporation won clearing house of the year: the Americas at...

CDSClear boosts market efficiency with new platform

LCH's credit default swap service launched an Electronic Exercise Platform in...

Are Brains Blocking Business Change?

By Dr Patrick McCreesh of Simatree working alongside Pirum

UnaVista takes reconciliation to a third dimension

UnaVista MiFIR Reconciliations won best new technology product: reconciliations...

Itiviti SI toolkit kickstarts new regime

Itiviti Systematic Internaliser won best new technology product: trading and...