Mellon Financial's Liquidity Management Service Extends Investment Offerings With Commonfund Option
12 Juin 2007 - 2:50PM
PR Newswire (US)
PITTSBURGH, June 12 /PRNewswire-FirstCall/ -- Mellon Financial
Corporation's (NYSE:MEL) Liquidity Management Service (LMS) has
announced the latest addition to its institutional investment
portal. The Common Fund for Short Term Investments (Short Term
Fund) is a bank common trust fund maintained by Wachovia Bank, N.A.
as trustee. Nonprofit education institutions that are, or become,
members of The Common Fund for Non-Profit Organizations, a New York
nonprofit corporation (Commonfund), and trust customers of Wachovia
are eligible to contribute short-term assets to the Short Term
Fund. LMS is the only investment portal to list the Short Term
Fund. "Commonfund has a long history of serving higher education
institutions with investment advice and products," said Steve
Cobain, senior vice president and head of Mellon Financial Markets.
We are pleased to work with Wachovia and Commonfund to add this
fund to the wide selection of money funds and other investment
options available to eligible nonprofit educational institutions
that use the LMS portal." In addition to adding the Short Term Fund
to the LMS portal, Mellon continues to develop cutting-edge
technologies to enhance the user experience. Recently, Mellon
launched a new release of LMS containing unique pre-trade
compliance functionality. Users enter investment policy parameters
such as limits on asset size of fund, dollars held per fund, amount
of trade and percentage of fund held. LMS then checks against these
parameters upon initial log-in and with each trade, and alerts the
user to any potential out- of-compliance situation. Investors can
also access historical compliance reports on demand to demonstrate
a history of compliance. "LMS was built and continues to be
enhanced by our own in-house developers. Internal development
allows Mellon to add new investment options faster, customize the
service to each user and generally be more responsive to evolving
needs in the market, as compared to portals that simply license
software or white label someone else's technology," said Greg
Cicero, senior vice president and head of Mellon Working Capital
Solutions. Mellon Working Capital Solutions, a payments industry
leader synonymous with quality performance and known for its
innovation and expertise, designs comprehensive solutions through
its broad line of cash management services to meet the specialized
treasury needs of corporations, nonprofit organizations and
financial institutions. Independently-administered customer
satisfaction surveys consistently reveal that Mellon WCS continues
to distinguish itself from its competition in the areas of
operating quality, commitment to cash management and customer
service. In addition, Mellon WCS was awarded A rankings for both
products and bank perceptions in the 2006 Phoenix-Hecht(R) Quality
Index(TM). Mellon WCS also is the only electronic payments services
provider in the U.S. to successfully complete both a Level 3
Capability Maturity Model(R) (CMM(R)) assessment for its software
engineering practices and attain ISO 9001:2000 Registration. More
information on Mellon WCS is available at
http://www.mellon.com/wcs. Mellon Financial Markets, LLC is a
registered broker-dealer providing securities brokerage and
investment banking services to customers of Mellon Financial
Corporation and other institutional clients. More information on
MFM is available at http://www.mellon.com/financialmarkets/. An
online demo of LMS is available at http://www.mellon.com/lmstour/.
Mellon Financial Corporation is a global financial services
company. Headquartered in Pittsburgh, Mellon is one of the world's
leading providers of financial services for institutions,
corporations and high net worth individuals, providing asset
management, private wealth management, asset servicing, issuer
services and treasury services. Mellon has approximately $5.8
trillion in assets under management, administration or custody,
including $1.034 trillion under management. News and other
information about Mellon is available at http://www.mellon.com/.
Nothing in this announcement is intended to constitute an offer to
sell, or a solicitation of an offer to buy, any security.
Participation in the Short Term Fund is available only to qualified
and eligible nonprofit educational organizations that are members
of Commonfund and become trust customers of Wachovia Bank, National
Association. Prospective members are urged to review Commonfund's
"Information for Members," "Information for Participants in The
Common Fund for Short Term Investments," Commonfund's membership
documentation and Wachovia's trust agreement and the Plan for the
Short Term Fund with care. Past performance may not be indicative
of future results. Assets of the Short Term Fund are not insured by
the Federal Deposit Insurance Corporation. "Mellon Financial
Markets, LLC is a member of the NASD and SIPC. Investments offered
through Mellon Financial Markets, LLC are not FDIC- insured, not
bank guaranteed and may lose value." DATASOURCE: Mellon Financial
Corporation CONTACT: Ron Gruendl of Mellon Financial Corporation,
+1-412-234-7157, Web site: http://www.mellon.com/
http://www.mellon.com/wcs http://www.mellon.com/financialmarkets
http://www.mellon.com/lmstour
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