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BNY Mellon Alternative Investment Services Announces New Price Verification and ...


Date: Tuesday, December 15, 2009
Author: BNY Mellon

BNY Mellon Alternative Investment Services Announces New Price Verification and Asset Validation Service for Hedge Funds

New service means more transparency for managers, partners and investors

NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- BNY Mellon Alternative Investment Services has launched a service that independently validates a hedge fund's position records to third-parties - prime brokers, custodians, trustees and agent banks - and independently verifies the pricing of that fund's securities. The new service provides fund managers and their investors with greater transparency and additional assurance that fund assets are independently priced and validated.

The flexible, highly-automated service, with pricing and validation coverage across 50 asset classes, is enabled by BNY Mellon's extensive relationships with more than 150 prime brokers and counterparties. The service, which can be used to supplement client interface with accountants and independent auditors, can also be customized to meet specific requirements, including tolerance checking across positions, price or market values.

"Hedge fund clients are telling us their investors are demanding an independent validation of their holdings. The price verification/asset validation service helps address this need, which in turn helps hedge funds retain and grow their investor base," said Brian Ruane, chief executive officer of BNY Mellon Alternative Investment Services. "While our broad network of pricing vendors and counterparties are the power behind this new offering, greater transparency is clearly the motivation."

Currently, the price verification/asset validation service reconciles more than 27,000 client investment positions, with a total market value in excess of $24 billion. Client coverage rates (assets validated as a percentage of total portfolio scope and value) are in the range of 95-99%. Clients can elect the service on a monthly or quarterly basis.

BNY Mellon Alternative Investment Services is a leading hedge fund administrator with more than $225 billion in assets under administration and an extensive global presence, including locations in Bermuda, Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore and the United Kingdom, as well as U.S. offices in California, Florida, Massachusetts, New Jersey, New York, Pennsylvania and Texas. In addition to administration the company offers a wide range of accounting, cash management, collateral management, custody, corporate trust, asset management and wealth management services to the hedge fund industry.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation ( BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services $11.8 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day. Learn more at bnymellon.com.