Threadneedle Outsources Retail Business to BoNY
U.K.-based Threadneedle Investments has outsourced its retail client-services operations to the Bank of New York (BoNY).
Under the deal, BoNY will assume control of the Threadneedle unit as of October. The bank said in a press release that the operation will become a key part of its future retail client-service offering in Europe. Threadneedle will become BoNY's largest transfer-agency client.
"This deal stems from our analysis of the major changes that will occur over the next decade as supermarkets, aggregators and platforms increasingly form the bridge between fund managers and clients," states David Sachon, Threadneedle's head of distribution, in the release.