New mandate enhances existing service offering 14 February 2011New York Reporter: Justin Scottsdale Lawson
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BNY Mellon Asset Servicing, has announced that Virtus Investment Partners has selected the company to provide mutual fund transfer agency services.
BNY Mellon Asset Servicing will provide shareholder services, financial and regulatory reporting, and money market stress testing for the Virtus Mutual Funds, which had $14.9 billion in assets and 290,000 shareholder accounts as of December 31, 2010.
BNY Mellon Asset Servicing currently provides fund accounting and administration, Blue Sky, and custody services, as well as shareholder services for closed-end funds, to Virtus Investment Partners.
"We chose BNY Mellon Asset Servicing for transfer agency services due to their operational efficiencies and technology platform," said W. Patrick Bradley, senior vice president, Mutual Fund Administration at Virtus Investment Partners. "Through our existing relationship, the BNY Mellon Asset Servicing staff have demonstrated responsiveness to our needs and the needs of our fund shareholders. The cornerstone of our business is an unwavering commitment to investor success, and we believe that BNY Mellon Asset Servicing can help us continue to make this a reality for our mutual fund shareholders."
"This mandate is indicative of our ability to deliver a comprehensive array of services that creates great value for clients," said Michael DeNofrio, head of US investor services within BNY Mellon Asset Servicing's Global Financial Institutions group. "Virtus has a clear understanding of the evolving investor services environment and believes that our expertise within both the transfer agent and sub-accounting arenas provides them with a distinct competitive advantage. By extending their relationship with BNY Mellon Asset Servicing, Virtus can wholly focus on the continued growth of their wide spectrum of offerings."
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