The Bank of New York Selected by Capita Financial Group to Provide Trustee, Depositary and Custody Services.LONDON -- The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , a global leader in securities servicing, has been selected by Capita Financial Group - the UK's leading provider of Authorised Corporate Director (ACD (Automatic Call Distributor) A computerized phone system that responds to the caller with a voice menu and connects the call to the appropriate agent. It can also distribute calls equally to agents. ) and Unit Trust Manager (UTM (Unified Threat Management) Refers to a stand-alone appliance or a software package that combines a firewall, antivirus, spam and content filtering as well as intrusion detection. See firewall, antivirus, antispam and IDS. ) solutions - as preferred supplier of trustee, depositary and custody services to the underlying funds that Capita administers on behalf of its clients. The scope of the agreement involves approximately $21 billion of assets which represents about 85% of Capita Financial's current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. under administration. The Bank of New York will also provide technology and servicing infrastructure to enhance Capita Financial's position as the UK's ACD and UTM solutions provider of choice. Keith Marsden, Chief Executive Officer of Capita Financial Group, said, "The Bank of New York consistently demonstrated that it understands the complexity of the servicing requirements of our clients and that the safety of our funds' assets is of paramount importance. By consolidating contracts with a reduced number of suppliers we have enhanced the value for money our funds receive from our trustee, depositary and custodial arrangements. With The Bank of New York, I believe we have identified a strategic partner who can support the growth of our business, allowing us to fully focus on core competencies including business-processing standardisation and any resulting cost efficiencies." Tim Keaney, head of Europe at The Bank of New York, continued, "We are very pleased to have been awarded this mandate which underlines the quality of the service we have provided to Capita Financial in the past. This is a very important mandate for us as the Capita Group Plc is the UK's leading business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in company providing administration and customer services to a wide range of clients, including to a broad spectrum of fund managers, and we are looking forward to working with them as a partner to support their business." The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com. Capita Financial Group, which includes Capita Financial Administrators Limited and Capita Financial Managers Limited, delivers cost effective, sophisticated and proven administration solutions for investment managers of collective investment schemes. Capita Financial Managers Limited also provides authorised corporate director (ACD) and Unit Trust manager services. Capita Financial Administrators Limited and Capita Financial Managers Limited currently work with over 100 clients, with approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 15bn funds under administration. Capita Financial Administrators Limited and Capita Financial Managers Limited are authorised and regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . The Capita Group Plc is the UK's leading provider of integrated professional support service solutions. The Group's service capabilities encompass customer services, financial services, human resource services, software services, systems and strategic support and property services delivered to both public sector and private organisations. With over 23,000 employees at more than 230 offices across the UK and Ireland, Capita is quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (CPI.L), and is a constituent of the FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 100 with revenues for 2004 of GBP 1,285 million. Capita has secured a number of awards including Best BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra Services Provider 2004. Further information on The Capita Group Plc can be found at www.capita.co.uk |
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