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BNY Mellon partners with FRT

BNY Mellon clients will now benefit from the investment giant's use of Financial Recovery Technologies' securities class action recovery services.

The two firms have entered a strategic alliance which will see BNY Mellon use FRT's suite of class action solutions including non-US and antitrust litigation.

"The growth in the number and settlement dollars associated with non-US and antitrust recovery opportunities is requiring investors to expand their shareholder litigation recovery program beyond what is currently provided by custody banks," FRT chief executive Rob Adler said.

"This alliance ensures BNY Mellon clients have the most complete coverage and governance solutions to optimise their exposure to litigation opportunities."

BNY Mellon's global head of custody, tax and network management Caroline Butler said she is pleased to have partnered with FRT.

"As securities class actions become more complex on a global level, our strategic alliance with FRT provides clients with automated solutions that are designed to quickly adapt as industry complexity grows," she said.

The solution will be rolled out across the globe including in Australia, which happens to be the second-most active jurisdiction in the world for securities class actions.

FRT is represented locally by Sean Cookson, who serves as vice president and managing director, APAC. Late last year Cookson shared his views on class action participation and fiduciary duty with FS Super, saying super fund participation in class actions is "not simply about ensuring good governance of the businesses they invest in, but about returning money to the fund that it is entitled to through damages".

FRT currently services over 800 clients, representing over $30 trillion in total assets under management. Clients include hedge funds, investment managers, insurers, sovereign wealth funds, endowments, superannuation funds and custodians.

Read more: FRTBNY MellonFinancial Recovery TechnologiesSean CooksonCaroline ButlerFS SuperRob Adler