The Bank of New York Mellon Corporation and Aviva Investors, the global asset management business of Aviva plc, announce that Aviva Investors has appointed BNY Mellon to provide a fully integrated operating model for certain front-office support services, as well as middle- and back-office activities.
Aviva Investors has agreed a deal to outsource data and back office functions to BNY Mellon, the two companies said on Tuesday, as the investment division of the British insurer looks to bolster its services to clients and cut costs. Transferring activities such as custody, accounting and performance measurement to BNY Mellon will "allow us to enhance our client proposition and improve operational efficiency," Mark Versey, Aviva Investors CEO, said in a statement, adding that the partnership with BNY Mellon was "transformative" for the fund manager's business. BNY Mellon said it was using cloud-based platform Data Vault to provide data to Aviva.
Barclays (BCS) faces a lawsuit for defrauding shareholders with its sale of $17.6 billion more debt than regulators had allowed.