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Tilney now &#39asset management business&#39

Tilney Investment Management has sold its back-office clearance and settlement systems to the UK subsidiary of the Bank of New York for an undisclosed sum.

The newly enlarged company, BNY Securities, will have Tilney as its first customer, providing clearing services to the fund manager.

Tilney says the deal marks the transition of the company from a stockbroker to an asset management business. It believes by offloading its clearing system it can focus its resources on investment processes and products.

BNY Securities will use the deal to boost its service to the private client stockbrokers and the investment management services market. It is planning to provide a clearing service to execution-only, advisory and discretionary stockbrokers and fund managers.

Tilney executive chairman David Campbell says: “Working with a recognised leader in securities, outsourcing is the best way of securing optimal future operating efficiencies for Tilney and will enable us to concentrate on what we do best.”

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