Goldman Sachs Asset Management (GSAM) has become the latest customer for BNY Mellon’s buyside trading business.
The asset manager is to use the outsourced trading capability of BNY Mellon, a custody bank, for some of GSAM’s business in the Emea region.
Partial or full outsourced trading has been offered by a number of custody banks in recent years, including BNP Paribas and Northern Trust.
Custodians argue that outsourcing allows asset managers to better deal with trading complexity, regulation and fee pressure.
As part of the agreement, BNY Mellon is delivering global trade execution services in Emea, US and Asia-Pacific markets across fixed income, foreign exchange, derivatives and ETFs.
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BNY Mellon said its buy-side trading solutions supports institutional clients with global multi-asset trade execution services in more than 100 countries.
“BNY Mellon is proud to support Goldman Sachs Asset Management’s sophisticated trading needs as they grow their world class investment platform,” the firm said in a statement.
