BNY Mellon Selected by Charles Schwab Investment Management to Provide Transfer Agency Services

Rhea-AI Summary

BNY Mellon announced its selection by Charles Schwab Investment Management to provide transfer agency services. This collaboration aims to enhance client service while reducing complexity and costs associated with asset management. BNY Mellon leverages its OMNI platform and industry expertise, delivering streamlined access to investment information. With $38.6 trillion in assets under custody and $2.0 trillion in assets under management, BNY Mellon continues to emphasize operational efficiency for clients. This partnership signifies a pivotal step in BNY Mellon's commitment to improving investor solutions.

Positive

• Secured a mandate from Charles Schwab Investment Management, enhancing client service capabilities.
• Utilization of BNY Mellon's OMNI platform to streamline operations and improve efficiencies.
• Demonstrates BNY Mellon's commitment to reducing costs and complexity for asset managers.

Negative

• None.

NEW YORK, April 14, 2021 /PRNewswire/ -- BNY Mellon has secured a mandate from global investment manager, Charles Schwab Investment Management, Inc., to deliver transfer agency services. BNY Mellon was selected based on its long-term commitment to the transfer agency business, as well as its experience delivering a leading client service model, technology platform and operational services.

"We are very pleased to be able to provide Charles Schwab Investment Management with the ability to help reduce the complexity and costs associated with servicing its clients' assets," said Steve Farlese, Head of Investor Solutions Products at BNY Mellon. "This is another major step for BNY Mellon in continuing to provide an aligned operational structure that provides direct servicing benefits, streamlines access to investment information and improves efficiencies for our clients and their distribution partners."

BNY Mellon is able to tap-into its vast industry expertise and a global footprint that services both asset managers and their intermediaries. This wide breath of knowledge is further enhanced by the direct servicing benefits the BNY Mellon OMNI^SM platform will bring to Charles Schwab Investment Management; along with the global scale, trust, and commitment to resiliency BNY Mellon offers.

Mark Fischer, Chief Financial Officer of Charles Schwab Investment Management, said: "We are eager to work with the BNY Mellon team and have been impressed by its service model, solutions, deep industry experience and the strategic vision they bring to investor solutions."

About BNY Mellon

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 and wealth management and investment services in 35 countries. As of Sept. 30, 2020, BNY Mellon had $38.6 trillion in assets under custody and/or administration, and $2.0 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. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

About Charles Schwab Investment Management

As of December 31, 2020, CSIM managed approximately $549.2 billion on a discretionary basis and approximately $37.5 billion on a non-discretionary basis. CSIM provides non-discretionary advisory services to the Schwab Trust Bank Collective Investment Trusts, including research and recommendations relating to asset allocation, portfolio construction, cash-flow monitoring and advisor selection and retention. Some trusts include multiple unit classes. More information is available at www.schwabfunds.com.

Contact:  
Paul Patella   
BNY Mellon Asset Servicing  
paul.patella@bnymellon.com  
+1 212 635 1378

View original content:http://www.prnewswire.com/news-releases/bny-mellon-selected-by-charles-schwab-investment-management-to-provide-transfer-agency-services-301268945.html

SOURCE BNY Mellon

FAQ

What services is BNY Mellon providing to Charles Schwab Investment Management?

BNY Mellon is providing transfer agency services to Charles Schwab Investment Management.

When was BNY Mellon selected by Charles Schwab Investment Management?

BNY Mellon was selected on April 14, 2021.

What is BNY Mellon's assets under management as of September 30, 2020?

As of September 30, 2020, BNY Mellon had $2.0 trillion in assets under management.

How much assets does BNY Mellon have under custody?

BNY Mellon had $38.6 trillion in assets under custody as of September 30, 2020.

What is the significance of the partnership between BNY Mellon and Charles Schwab Investment Management?

The partnership aims to enhance operational efficiency and reduce costs for Charles Schwab's asset management services.