BNY Mellon, Bridgewater sign $125bn outsourcing deal

BNY Mellon, provider of investment management and investment services, has been selected by Bridgewater Associates to provide middle- and back-office outsourcing services for approximately $125 billion of assets, The Sacramento Bee reports.

BNY Mellon will support Bridgewater's strategy of delivering diversified alpha and beta strategies for clients via its dedicated outsourcing platform - BNY Mellon OnCore(SM). Services will include a fully integrated data warehouse, as well as trade processing, portfolio accounting and derivatives processing.

BNY Mellon has been delivering various services, including custody, fund accounting and fund administration, to Bridgewater funds since 1994.

As a result of the new middle- and back-office arrangement, approximately 100 Bridgewater software experts, business analysts, accountants and other employees based in Westport, Connecticut, will join BNY Mellon and become part of its asset-servicing organisation.

BBR states that Bridgewater co-CEO Eileen Murray said Bridgewater is extending its partnership with BNY Mellon to continue to provide world-class, operationally excellent middle- and back-office services, and to access the scale and breadth of technology services that BNY Mellon can offer Bridgewater clients.

"This comprehensive solution will enable Bridgewater to maintain and differentiate our leading edge back-office capabilities in terms of flexibility and service quality to meet the needs of the coming decade and to enable more robust capabilities as our alpha and beta strategies evolve," added Murray.