BNY Mellon has made more adjustments to its global transfer agency offering with a new retrocession servicing capability that enables asset managers to process fees and commissions more efficiently.
The latest enhancement could reduce operational and financial risk by eliminating the manual intervention that is typically required when terms and conditions are established between asset managers and contracting parties as part of distribution agreements.
“Clients also benefit from more flexible data importing capabilities, which eliminate workarounds and manual entry, when it comes to the provision of data for trailer fee calculations, which historically have posed issues due to a lack of standardisation,” said a statement from BNY Mellon.
Jon Willis, head of transfer agency for Europe, Middle East and Africa and the Asia-Pacific at BNY Mellon, said: “We are looking to lower operational and financial risk for both transfer agents and asset managers. This new process is safer and more transparent, and reduces financial risk through embedded asset control."
He added that the new capability means the bank would be well positioned to accommodate the requirements that will emerge under a single operating model, as well as the changes resulting from regulatory reforms.
To facilitate these enhancements, BNY Mellon has partnered with abraxas GmbH, a software development company.
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