BNY to takeover Bridgewater’s back office
- Posted on October 21st, 2011 filed in Newspaper
Michael Tucker, professor of finance Fairfield University, said deals like this can benefit both institutions. “It’s not a revenue center for Bridgewater, but it could be for Mellon,” he said. In essence, BNY Mellon could get fees for supporting multiple hedge funds with the former Bridgewater employees that could cover the cost of operation and possibly turn a profit for BNY. In the meantime, Bridgewater could reduce its expenses as the fee it pays might not be as much as the cost of back office operation. “Banks in general are getting hammered and this gives Mellon a new source of income,” he said.
Published in Connecticut Post, Stamford Advocate, Danbury News Times, Greenwich Time on 10/4/11