Industry News
BNY Mellon Backs SWIB's Internal Management Initiative
An aggressive push by the State of Wisconsin Investment Board (SWIB) to manage more of its $105 billion internally received a boost this week after it struck a deal with BNY Mellon to beef up its middle-office technology. The pension system has tooled up its internal management capabilities and now manages $68 billion internally—roughly 65% of its overall assets, marking a three-fold jump from the 21% overseen in-house a decade ago, according to the pension.
The new BNY Mellon middle-office technology will help the pension system conduct risk management and risk modeling across all classes, including providing aggregate risk for internal and external hedge fund investments, cross-asset class testing and return attribution, according to SWIB. The new technology, provided by BNY Mellon and its technology-focused unit Eagle Investment Systems, is part of a broader implementation of a new portfolio management system for SWIB that will give it more granular insight into investment risk across asset classes while also cutting costs, says Michael Williamson, executive director of SWIB.
Citisoft is proud to have assisted SWIB with the selection and implementation of this transformational technology.