Bank of New York Mellon (BNY Mellon) has been selected by Promark Investment Advisors, which manages pension plan investment programs, to provide derivatives collateral management services through its Derivatives 360 suite of products.
BNY Mellon will provide derivatives collateral management for swaps, swapoptions, options and foreign exchange. It also will provide over-the-counter derivatives reconciliation services between counterparties and investment managers.
In addition, BNY Mellon has the capability to provide cash collateral investment through BNY Mellon Cash Investment Strategies (CIS), a division of The Dreyfus, a registered investment adviser.
Michael Connors, vice president of operations at Promark, said: “We selected BNY Mellon for this service because they offer a comprehensive solution to support our utilization of derivatives. This includes improved client reporting and risk mitigation.”
James Palermo, co-CEO of BNY Mellon Asset Servicing, said: “Our derivative services, the Derivatives 360 suite, continue to gain momentum in the marketplace. The breadth and sophistication of the offering and our ability to deliver this product from five major financial centers have all contributed to drive the adoption of Derivatives 360.”