LONDON (Reuters) - Aviva (LON:AV) Investors has agreed a deal to outsource data and back office functions to BNY Mellon, the two companies said on Tuesday, as the investment division of the British insurer looks to bolster its services to clients and cut costs.
Asset managers have increasingly been handing over responsibility for back office functions such as custody of securities to third parties, while outsourcing has in some cases extended as far as front office functions such as trading.
Transferring activities such as custody, accounting and performance measurement to BNY Mellon will "allow us to enhance our client proposition and improve operational efficiency," Mark Versey, Aviva Investors CEO, said in a statement, adding that the partnership with BNY Mellon was "transformative" for the fund manager's business.
BNY Mellon said it was using cloud-based platform Data Vault to provide data to Aviva.