Bank of New York has won a deal with ING Investment Management Europe, based in Holland, to take on ING IM’s operational functions from post-trade execution services to settlement. The deal is another client for Bank of New York’s outsourcing business SmartSource, which is leveraging its recent 51% stake in the “information-centric STP solutions” company Netik for data management capabilities (Reference Data Review, July 2004). For ING, SmartSource will handle functions around investment operations, including trade support, financial messaging, confirmations, reconciliation and custodian management.
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