BNY Mellon Automates Loan Documentation Process for Investment Managers

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Mar 16, 2015, 08:00 ET

NEW YORK, March 16, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, is introducing a service that enables investment managers trading bank loans to automatically transmit loan trade documents to BNY Mellon through secure online channels.

The service, which is scheduled to launch in early April, replaces a manual process that required investment managers to email or fax all documents related to loan trades, such as assignment agreements, transfer certificates and funding memos, to BNY Mellon in its capacity as trustee and collateral administrator.

"The new service will benefit investment managers using Markit's ClearPar trade settlement system as it significantly improves the ease of doing business with us on a daily basis. By working with our investment manager clients to adopt this service, information can be transmitted automatically for all loans served by BNY Mellon as custodian, trustee and administrator," said Eric D. Kamback chief executive officer of Corporate Trust at BNY Mellon. "This is a one example of how we are investing in technology to further improve our loan administration offering."

This service will notify BNY Mellon as documents are executed on ClearPar, enabling the company to begin processing trades earlier in their lifecycle. It is designed so that BNY Mellon's records always are aligned with those of the client. Additional documents that can be transmitted, for both Loan Syndication and Trading Association and Loan Market Association trades, include trade confirmations; purchase and sale agreements; and netting agreements.

As of December 31, 2014, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 61,000 debt-related issues globally. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

Contact: Mike Dunn
+1 212 922 7859
[email protected]

SOURCE BNY Mellon