The Bank of New York to Provide Investment Management Services to the Employees Retirement System of Texas; The Bank Awarded Mandate for $100 Million Small Cap Growth Assets.
NEW YORK--(BUSINESS WIRE)--Aug. 21, 2002
The Bank of New York announced today that BNY Asset Management, the Bank's investment management arm, has been awarded a $100 million small cap growth mandate by the Employees Retirement System of Texas.
"We are delighted to have been selected by the Employees Retirement System of Texas," said Kevin J. Bannon, executive vice president and chief investment officer at The Bank of New York. "We look forward to working with their team to build value for fund participants and partnering with the retirement system as they seek to maximize the performance of their investment activities. We are committed to meeting the unique needs of our institutional clients by building long-term relationships with them and tailoring portfolios to meet their specific requirements."
BNY Asset Management will manage a portion of the small cap allocation of the Employees Retirement System of Texas. (Plan assets were $17.7 billion as of June 30, 2002.) Kathy-Ann Reissman, director of investments of the Employees Retirement System of Texas, said, "We chose BNY Asset Management because of its robust proprietary model, its solid decision-making process and the way in which it is implemented, as well as experience of the portfolio manager."
BNY Asset Management currently manages more than $75 billion in assets and offers a comprehensive range of investment products designed to meet the unique needs of institutions, corporations, not-for-profit organizations, government agencies, and high-net-worth individuals worldwide. With a core investment orientation and a disciplined decision-making approach, BNY Asset Management's seasoned professionals customize portfolios to meet their clients' investment objectives.
The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $80 billion in total assets as of June 30, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com.