Faced with a choice of buying a new suite of
application software or outsourcing, executives
at Rainier Investment Management
have gone with option B. Seattle-based Rainier tapped BNY Mellon Asset Servicing
to perform back-office functions.
The contract includes accounting, performance measurement, account opening, account reconciliation, client reporting and client billing.
"All of the resources in the operations area prior to outsourcing have been reassigned to roles focused on servicing our clients," said Rainer's chief operations officer, Melodie Zakaluk
, in a news release Monday.
The decision to outsource "allowed Rainier to focus on outstanding client service while leveraging a scalable operational platform," she said.
Rainier, which also has an office in
New York, has total AUM of $18.2 billion as of March
31. It manages separate accounts and five mutual funds.
The press release did not state the duration of the contract.
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