UK – Standard Life Investments has awarded the Bank of New York a contract for multi-manager fund administration.
“The Bank of New York will provide an integrated custody and fund accounting service to Standard Life Investments’ new multi-manager open ended investment company (OEIC),” said the US bank in a statement, adding that it would also provide software.
Financial terms of the deal were not disclosed.
Standard Life unveiled five manager of managers funds late last year, constructed using portfolios managed by US consultant Wilshire Associates. The funds will be available from March 2004.
BoNY spokesman Ivan Royle said the funds would use the bank’s Rufus fund administration platform. “We are the sole administrator for these funds,” he added.
“We believe the Bank of New York will provide us with the best custody and accounting service for our new multi-manager offering,” said Standard Life Investments’ operations director William Littleboy.
“Our agreement with Standard Life Investments builds on our leading multi-manager fund accounting service and underscores our commitment to providing outsourcing services to the fund management industry,” said Nick Parkes, BoNY’s managing director of European Fund Services.
BoNY’s Royle also said that the bank is currently developing a global transfer agency product for Europe with Microsoft called GTA. “It’s something that’s in development,” he said.
In November Standard Life Investments finalized a fund administration partnership with Citigroup Global Transaction Services, under which 80 staff joined Citigroup.