Brown Brothers Harriman and Co. (BBH), the oldest and largest partnership bank in America, is announcing the extension of their relationship with Information Mosaic (IM), the leading provider of global securities and corporate actions processing, by deploying IMâs converg-eâ¢ solution as the outsourcing platform to the private banking market through BBHâs Private Account Service (PAS) offering. The contract extension is worth USD 12 million.
IM has been working with BBH since 2001, in developing and refining the converg-eâ¢ platform for the new service launched by BBH. The BBHâs PAS service outsources the entire middle and back-office functions of leading private banks. PAS is entirely built on IMâs converg-eâ¢ platform.
John Byrne, IMâs CEO stated, "We have established a strong working relationship with BBH and it has evolved into a true partnership. As an institution, BBH has always looked to deploy innovative solutions and have an unparalled reputation for providing value added services to their extensive custodian business. With the live roll-out of BBHâs first PAS customer , IM successfully brought the first global outsourcer to market. Outsourcing has now become an observable trend in the industry.
The relationship with BBH is extremely significant for us and we are obviously quite proud to be working with them and look forward to continuing this long and mutually thriving partnership."
IMâs converg-eâ¢ is an advanced, component-based middle and back office solution for custodians, asset managers and private banks. Built on J2EE architecture, converg-eâ¢ is an open application that can process global securities on a world-wide, multi-entity basis. The functional modules of converg-eâ¢ include full trade order processing, portfolio accounting, performance measurement, corporate actions automation, custody management, receipt and payment processing, and settlements.