Standish Mellon Creates Product Solutions Group To Provide Liability Driven Solutions
September 04 2007 - 8:54AM
PR Newswire (US)
BNY Mellon Asset Manager Helps Pension Funds Develop Strategies For
Volatile Markets BOSTON, Sept. 4 /PRNewswire-FirstCall/ -- Standish
Mellon Asset Management, an investment subsidiary of The Bank of
New York Mellon Corporation, has created a Product Solutions Group
(PSG), which has been formed to develop liability driven investment
solutions for pension funds. The group will utilize four members of
the BNY Mellon Pension Services group, which includes two
actuaries. The group has created a liability index and other tools
that help pension plans monitor the impact of volatility in the
equity and fixed income markets. PSG will combine this expertise
with Standish Mellon's long history of managing fixed income
products, including long-duration bond products that are designed
to match the liability durations of typical U.S. pension plans.
"Liability driven investing can help pension fund managers protect
themselves against a simultaneous decline in their assets just as
their liabilities are increasing," said Peter Austin, managing
director of PSG and who also serves as executive director of BNY
Mellon Pension Services. "We saw this happen in the early part of
this decade when the equity markets and interest rates fell in
tandem. Lower interest rates increase the liabilities of pension
plan." "We have been helping pension plans protect themselves
against market volatility since the late 1970s and have more than
$25 billion in liability driven assets under management," said
Mitchell E. Harris, chairman and chief executive officer of
Standish Mellon. "Now, we have enhanced our resources and can draw
on the expertise of pension specialists who can identify the
liability exposure of corporate pension plans. We can match this
expertise with a wide range of solutions encompassing duration
extension strategies to absolute return, across both passive and
active segments." With more than $160 billion in assets under
management, Standish Mellon provides investment solutions for a
wide variety of sophisticated investors across a broad spectrum of
fixed income capabilities. These include absolute return
strategies, high income/high yield, emerging market debt, global
fixed income, core/core plus, municipal/tax sensitive, beta
strategies, short duration and stable value strategies.
Headquartered in Boston, with offices in Pittsburgh and San
Francisco, Standish Mellon is one of 19 investment subsidiaries
that comprise the BNY Mellon Asset Management business. The Bank of
New York Mellon Corporation is a global financial services company
focused on helping clients manage and move their financial assets,
operating in 37 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in
assets under custody and administration and more than $1 trillion
in assets under management. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: Bank of New York Mellon
CONTACT: Mike Dunn of The Bank of New York Mellon Corporation,
+1-212-922-7859, Web site: http://www.bnymellon.com/
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