British fund manager Liontrust has selected BNY Mellon as the sole outsourcing provider for its UK and Ireland funds.
The move comes after Liontrust’s takeover of Alliance Trust Investments a year ago. The deal, announced in December 2016, led to five asset servicing relationships across Liontrust.
Under the latest agreement, BNY Mellon will offer depositary, fund accounting, global custody, global risk solutions, middle office as well as transfer agency services.
The American asset manager will also offer securities lending, FX and cash management.
Liontrust Asset Management COO and CFO Vinay Abrol said: “Our acquisition of Alliance Trust Investments last year resulted in a total of five asset servicing relationships across the Liontrust business. It is clear that moving to a single partner will help us to achieve our strategic objectives.
“To accomplish this, we ran a thorough provider selection exercise, followed by a further period of detailed due diligence, with the support of Alpha Financial Markets Consulting. We selected BNY Mellon because of its commitment to the relationship, its partnership approach and the quality of its service proposition.”
BNY Mellon EMEA asset servicing CEO Daron Pearce added: “This decision demonstrates how our commitment to providing investment managers with the most comprehensive service offering will enable Liontrust to focus on delivering value to its clients, investors and shareholders.”