Chris LovelessO'Shaughnessy's implementation of the BNY Mellon Asset Servicing total back-office outsourcing platform was a study in precision and control, and an example of the need for seamless application of processing functionality. The two firms, one an independent spin-off of a major broker/dealer, the other a unit of a newly combined global custodian, managed to implement an entire back-office processing capability within just over a month of verbally agreeing to a partnership. O'Shaughnessy, which spun off from Bear Stearns Asset Management in the summer of 2007, chose BNY Mellon Asset Servicing in August and committed to taking a new client live in the first week of October.
Chris Loveless, president of O'Shaughnessy, said the success of the implementation, among other interactions, confirmed the firm's choice. "No curve balls we threw at them dumbfounded them, and that speaks to experience in the business," he added. In addition to the basic functionality, the service provider essentially created a high-net-worth servicing platform for the firm. A new service model was created and additional service level agreements we drawn up in order to accommodate the change. Marty McElliott, a relationship manager for the BNY Mellon unit, said the entire book of business was converted in parallel, a first for the service provider. The platform implementation, which included the transition of nearly $12 billion in assets and 7,000 accounts, was completed in the first quarter of 2008.