July 18, 2011

BNY Mellon Asset Servicing Converts More Than 10 Million Shareholder Recordkeeping Accounts in First Half of 2011

60 Percent Growth Over 2010 Period Driven by Firms Seeking More Transparency from Providers

NEW YORK, July 18, 2011 — BNY Mellon Asset Servicing, the global leader in investment services, has converted more than 10 million shareholder accounts to its shareholder recordkeeping platforms during the first six months of 2011, a 60 percent increase over the number of accounts converted during the comparable period in 2010.  

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.  

The increased distribution of mutual fund assets through financial intermediaries, rather than directly from the fund companies to investors, and the growing demand by investors for more complex investment products are the two primary trends driving the growth of the conversions to BNY Mellon's recordkeeping platforms, the company said. BNY Mellon expects this growth will continue as broker-dealers move more traditional mutual funds and non-traditional accounts, such as 529 college savings plan accounts, to the subaccounting process.

"The increasing distribution of investment products through intermediaries and the growing complexity of these products have prompted asset managers to re-evaluate their operating platforms," Michael DeNofrio, head of U.S. investor services within BNY Mellon Asset Servicing's Global Financial Institutions business said.  "As a result, a growing number of asset managers are enlisting third-party providers such as BNY Mellon to help them streamline their operations."

"Asset managers are looking to providers such as BNY Mellon who can be an extension of their organization by providing both back-office and middle-office services with tools that deliver the greatest transparency," said Nancy Wolcott, head of U.S. fund services for BNY Mellon Asset Servicing's Global Financial Institutions business. "The ability to confidently outsource theses operations enables asset managers to focus their resources to service the end investor."

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 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 $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.