BNY Mellon has launched a fee management service for asset managers designed to help them determine which distributors are most efficiently distributing their funds.
The offering, serviced through BNY Mellon's transfer agency group, has been designed to help asset managers understand the services they are receiving for the fees they pay to broker-dealers.
"This service provides our asset manager clients with the opportunity to better understand and reconcile fees paid while providing a broader view into their distributor relationships," says Michael DeNofrio, head of enterprise investor services for BNY Mellon's global financial institutions business. "This is a full-service solution that automates functions that many asset managers have been performing manually. Utilising inefficient, manual systems could potentially result in efficiencies in tracking fund distribution."
BNY Mellon currently provides shareholder record-keeping services to over 150 million shareholder accounts with assets of more than USD3.9trn and is ranked as the largest provider of sub-accounting services and the second largest provider of transfer agency services in the US.
BNY Mellon has contracted with Delta Data Software to provide this service.