Bank of New York Co. has joined a growing list of institutions entering into partnerships with specialist companies that can help them build certain businesses while keeping a tighter rein on costs.

Last week, Bank of New York said it would turn over its BNY Mortgage Co. to a joint venture it is forming with Alliance Mortgage Co., a Jacksonville, Fla.-based subsidiary of privately held Alliance Capital Partners.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.