BNY Mellon said that it had begun expanding its middle office outsourcing service for hedge funds to North America and Asia.
The service has been provided for the past 12 months to European hedge funds, by its BNY Mellon Alternative Investment Services group in Dublin.
That unit has invested in new technology and redesigned some of its flow of work, to take on a broader range of clients.
The service incorporates opponents of BNY Mellon's OnCore middle office software, used by investment managers. The outsourcing service ranges from hosting software for clients to full "lift outs" of middle office operations, which are then conducted by BNY Mellon.
The BNY Mellon middle office platform includes a comprehensive suite of post-trade and pre-settlement services, including interactive profit and loss reporting, real-time trade processing, reconciliation, confirmation and valuation, plus collateral and cash management.
The service is integrated with fund accounting and custody and offers a 'follow-the-sun' operational model ready to support virtually any market, asset type or currency.
"The middle office connects real-time trade capture and reporting with other areas where we add value, such as cash and collateral management and risk reporting," said Alan Flanagan, head of global product management for BNY Mellon Alternative Investment Services. "By linking them to a fully integrated platform, we can free-up fund managers to focus on their investors and grow their business."
BNY Mellon Alternative Investment Services serves single manager hedge funds, funds of hedge funds, and private equity assets, with more than $400 billion in assets under administration.