GLOBAL - Bank of New York (BNY) ConvergEx Group has announced its Global Transition Management business achieved record growth in July 2008.
As transition activity surged throughout the US, the Middle East, Asia and Europe, BNY ConvergEx said significant growth was also attained in the level of complexity of the portfolio compositions.
Last May, BNY ConvergEx said the focus of transition management activities had shifted from operations to risk management, thanks to the increasing role technology plays in the sector (www.globalpensions.com, 22/05/08).
The expansion of the industry outside of its traditional client base of pension funds, coupled with rapid technological advances, had resulted in a "new transition management paradigm" where the preservation of asset values was the most important concern, it added.
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