BNY Capital Corp., a Bank of New York subsidiary, acquired a minority interest in Toronto, Ontario-based Financial Models Co., Inc. (FMC), in mid-December to buttress Bank of New York's main security processing and global custody business, says BoNY's Fred Ricciardi, evp for custody services. FMC provides software for portfolio and trade order-management; performance measurement and attribution; trade confirmation and settlement; client reporting; and securities data. Terms of the deal and how much of FMC was acquired were not disclosed.
BoNY will integrate FMC's product line with its custody product, which is delivered through the bank's intranet browser product, Inform, and will appear as a button on the Inform desktop. "What this does for us is really extend our current and future customer base on our processing products," he says, an activity BoNY has pursued for some time. It has $11 trillion in global custody assets under management.