Raymond James extends BNY subaccounting mandate 14 July 2015New York Reporter: Stephanie Palmer
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BNY Mellon has extended the subaccounting services it provides for Raymond James & Associates to include 6.4 million active investor positions and more than $140 billion in assets.
The bank has been providing subaccounting services for Raymond James since 2009, and also provides it with custody, credit and treasury services.
Denise Samson, senior vice president of operations at Raymond James, said: "Over the last five years BNY Mellon has collaborated with us to help us achieve our goals and we are looking forward to continuing the relationship."
Michael DeNofrio, global head of BNY Mellon's transfer agency business, added: "Our continued investment in innovative technology to support our subaccounting platform and our focus on client service has been reflected by the extension of this important relationship with Raymond James."
He added: "The growing distribution of investment products through intermediaries and increasing complexity of these products continues to drive the growth of subaccounting services."
BNY Mellon is the largest provider of subaccounting services in the US, providing for more than 130 million active positions and more than $2.6 trillion in assets.
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