With many clients struggling to create consistency across geographies, BNY Mellon’s transfer agency solutions can help global leaders leverage a single point of contact for worldwide management and support.
BNY Mellon’s Mike DeNofrio, Managing Director & Head of Global Transfer Agency Operations, describes some of the latest developments around global distribution in BNY Mellon’s transfer agency services. Find out how these changes can support more efficient operations.
We come from a long history of leadership and innovation in the mutual fund industry. I think many understand and realize that we were the first to bring about the omnibus recordkeeping transformation in the U.S.
Today we provide transfer agent and subaccounting recordkeeping for over 200 million mutual fund positions. We clear a significant component of the U.S. fund industry’s mutual fund trades every day and we work hard on a daily basis to bring the broker dealers and the mutual fund companies together in the marketplace.
More recently in Europe we have spent a lot of time consolidating our businesses onto a single platform which we believe sets the stage for our next push into innovation: the construction of a global transfer agent.
And so, how do we think about that? We think about a single management structure, a single leader, and a more consistent approach to the transfer agent (TA) business on a global basis. As we talk to clients throughout our footprint, more and more clients are thinking about creating leverage and opportunity on a global basis. We see many of the U.S. companies try to leverage expertise in markets across the globe. And so we think we can lead in that space by delivering the transfer agent business on a more singular, consistent and predictable basis. We’ve begun to think about how the world is more alike than different, and continue to bring together those capabilities across the globe on behalf of our clients.
One of the things that we believe is that whether we’re providing transfer agency services in the U.S., Europe or Asia—we do more things alike than different. Our goal is to find those things that are the same and create a more consistent delivery of those capabilities for our clients.
Hopefully that will make it easier for clients to take a product that they might be comfortable with in the U.S. into either the European or Asian marketplace. And we think there are a number of particular ways that we can help them with that.
One is to be more consistent in our client interactions. We really want them to feel that whether they’re doing business with us in Europe or Asia or in the U.S., that they’re doing business with a single entity in a predictable service environment.
Two is to help clients understand how to do business across different demographics. We’ve done some work in the U.S. with the cross border fund business, where we’ve taken our back office services and combined it. I think that’s innovative and new to the marketplace. For the first time, whether you’re selling a U.S. domestic fund or you’ve got an Irish domiciled cross border fund, the broker dealers are contacting the same service team. We think innovations like that from a servicing perspective will help our clients compete more successfully in the global marketplace.
Our strategy in the transfer agency space is to create a single global TA capability. The more we talk to our largest clients we find there really is a desire to create leverage from a global operating perspective. BNY Mellon is uniquely positioned to help our clients do just that. We have critical mass from a TA perspective in the U.S., Europe and Asia. And thinking about a single global structure, a single management team, a single operations environment, and a more consistent way for our clients to do business is a strategy that we think will also help our clients compete more successfully in the global marketplace.
More specifically, we are helping clients drive efficiencies by:
A couple of examples of that would be a more singular approach to facing off on a day to day basis with our clients – whether they’re doing business with us in the U.S., in Ireland, in the UK or in Asia.
We spend a lot of time thinking about our distribution partners on a more consistent basis across the globe. Being linked to the providers of data and to the facilitators of trading across the globe will allow clients to do business more easily in these markets, whether it’s SWIFT or Calastone in Europe or National Securities Clearing Corporation (NSCC) in the U.S. We continue to look at leveraging the regulatory capabilities of our transfer agent, bringing together our European teams with our U.S. teams and bringing all of that information to the clients on a more consistent basis.
As we think about how to make it easier for our clients to do business in a global environment and take their capabilities abroad, we believe that a single, global, more predictable and consistent operational environment can only create competitive advantages for them.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 240 Greenwich Street, NY, NY 10286 USA, a banking corporation organised pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, authorised and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, a subsidiary of The Bank of New York Mellon, and operating in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, operating in Ireland through its branch at Riverside 2, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60, Ireland, trading as The Bank of New York Mellon SA/NV, Dublin Branch, which is authorized by the ECB, regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. If this material is distributed in or from, the Dubai International Financial Centre (DIFC), it is communicated by The Bank of New York Mellon, DIFC Branch, (the “DIFC Branch”) on behalf of BNY Mellon (as defined above). This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it. The DIFC Branch is regulated by the DFSA and is located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE. BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries, affiliates, branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction. Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request. Not all products and services are offered in all countries.
The material contained in this document, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this document. If distributed in the UK or EMEA, this document is a financial promotion. This document and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction. The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients. Trademarks, service marks and logos belong to their respective owners.
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material, or for direct or indirect damages or losses resulting from use of this material, its content, or services. Any unauthorised use of material contained herein is at the user’s own risk. Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon.
© 2019 The Bank of New York Mellon Corporation. All rights reserved.
Managing Director & Head of Global Transfer Agency Operations
Michael DeNofrio is Managing Director and Head of Global Transfer Agency Operations for BNY Mellon. He is responsible for leading the mutual fund transfer agency teams in the U.S., EMEA and APAC regions.View Profile