BNY Mellon to provide transfer agency services to Charles Schwab IM

By Sunniva Kolostyak

Bank of New York Mellon Corporation (BNY Mellon) has been selected by Charles Schwab Investment Management Inc. to deliver transfer agency services to the global investment manager.

BNY Mellon, an investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle, was selected for the mandate based on its long-term commitment to the transfer agency business. Furthermore, it has experience delivering a leading client service model, technology platform and operational services, and delivers investment and wealth management and investment services in 35 countries.

Commenting on the partnership, Steve Farlese, Head of Investor Solutions Products at BNY Mellon, said: “We are very pleased to be able to provide Charles Schwab Investment Management with the ability to help reduce the complexity and costs associated with servicing its clients’ assets.”

“This is another major step for BNY Mellon in continuing to provide an aligned operational structure that provides direct servicing benefits, streamlines access to investment information and improves efficiencies for our clients and their distribution partners,” Farlese continued.

Charles Schwab Investment Management provides non-discretionary advisory services to the Schwab Trust Bank Collective Investment Trusts. As of December 31, 2020, it managed approximately $549.2 billion on a discretionary basis and approximately $37.5 billion on a non-discretionary basis.

BNY Mellon is able to tap into its vast industry expertise and a global footprint that services both asset managers and their intermediaries. This wide breadth of knowledge is further enhanced by the direct servicing benefits its OMNISM platform will bring to Charles Schwab Investment Management; along with the global scale, trust, and commitment to resiliency BNY Mellon offers.

Mark Fischer, Chief Financial Officer of Charles Schwab Investment Management, added: “We are eager to work with the BNY Mellon team and have been impressed by its service model, solutions, deep industry experience and the strategic vision they bring to investor solutions.”