NEW YORK, March 16, 2015 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, is
introducing a service that enables investment managers trading bank
loans to automatically transmit loan trade documents to BNY Mellon
through secure online channels.
The service, which is scheduled to launch in early April,
replaces a manual process that required investment managers to
email or fax all documents related to loan trades, such as
assignment agreements, transfer certificates and funding memos, to
BNY Mellon in its capacity as trustee and collateral
administrator.
"The new service will benefit investment managers using Markit's
ClearPar trade settlement system as it significantly improves the
ease of doing business with us on a daily basis. By working with
our investment manager clients to adopt this service, information
can be transmitted automatically for all loans served by BNY Mellon
as custodian, trustee and administrator," said Eric D. Kamback chief executive officer of
Corporate Trust at BNY Mellon. "This is a one example of how we are
investing in technology to further improve our loan administration
offering."
This service will notify BNY Mellon as documents are executed on
ClearPar, enabling the company to begin processing trades earlier
in their lifecycle. It is designed so that BNY Mellon's
records always are aligned with those of the client. Additional
documents that can be transmitted, for both Loan Syndication and
Trading Association and Loan Market Association trades, include
trade confirmations; purchase and sale agreements; and netting
agreements.
As of December 31, 2014, BNY
Mellon Corporate Trust served as trustee and/or paying agent on
more than 61,000 debt-related issues globally. Its clients include
governments and their agencies, multinational corporations,
financial institutions and other entities that access the global
debt capital markets. The corporate trust business utilizes its
global footprint and expertise to deliver a full range of issuer
and related investor services and to develop customized and
market-driven solutions. Its range of core services includes debt
trustee, paying agency, escrow and other fiduciary offerings.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com, or
follow us on Twitter @BNYMellon.
Contact: Mike Dunn
+1 212 922 7859
mike.g.dunn@bnymellon.com
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SOURCE BNY Mellon