New Workbench Reporting Capabilities Help Public Funds Handle New Risk
Reporting Rules
BOSTON, June 13 /PRNewswire-FirstCall/ -- Mellon Financial Corporation
(NYSE: MEL) and Russell/Mellon announced that they have joined forces in
developing four new reports to help clients manage recently introduced GASB 40
risk reporting requirements. The new rules, issued by the Government
Accounting Standards Board (GASB), update risk disclosure regulations for all
state and local government entities, effective with financial statements for
periods beginning June 15, 2004.
GASB 40 addresses the deposit and investment risk disclosures of public
fund assets, dividing risk into four major categories: credit, concentration
of credit, interest rate and foreign currency. Organizations affected by the
new rules include public employee retirement systems, public benefit
corporations and authorities, as well as public utilities, hospitals, health
care providers, colleges and universities.
To assist in meeting GASB 40 requirements, Mellon and Russell/Mellon have
created four new specialized reports available through Mellon's Workbench
reporting tool: Foreign Currency Risk Exposure, Credit Risk Concentration,
Interest Rate Risk and Credit Risk by Quality. Information in the reports
will be derived both from Mellon's accounting data and Russell/Mellon's
analytics data, offering clients considerable flexibility when extracting the
detailed information needed to become GASB-compliant.
"In the past, we have spent a substantial amount of time sorting through
reports and manipulating fund data since GASB requires disclosure by security
type," said Jim Mullen, manager of public debt, Missouri State Employees'
Retirement System. "These customized GASB 40 reports will simplify the
disclosure process and greatly reduce the need for data manipulation this
fiscal year."
"Responding rapidly to new client challenges and staying ahead of the
dynamic regulatory landscape are two things Mellon's asset servicing business
prides itself on," said Jim Palermo, Mellon vice chairman and president of
Mellon Global Securities Services. "Workbench gives clients a powerful way to
quickly measure and analyze risk exposure across a number of scenarios, aiding
their decision-making capability."
"The effort between Russell/Mellon and Mellon on the GASB 40 reports
demonstrates our combined commitment to the public fund and not-for-profit
market," said Bill Pryor, Russell/Mellon chief executive officer and
president. "Russell/Mellon is dedicated to providing our clients with
comprehensive solutions that effectively and efficiently help them compare,
analyze and communicate their investment information."
Delivering innovative asset servicing solutions worldwide, The Mellon
Group enriches the entire investment process with its worldwide custody,
outsourcing and investment manager services. The Mellon Group comprises
Mellon Global Securities Services, ABN AMRO Mellon, CIBC Mellon, Mellon
Investment Manager Solutions, Mellon European Fund Services, Russell/Mellon,
DPM Mellon and Eagle Investment Systems.
Russell/Mellon provides performance measurement, attribution, and
investment analysis services to over 3,300 institutional investors in
25 countries and is responsible for $6 trillion in assets under measurement.
Russell/Mellon's professional staff consists of over 650 associates operating
in 11 cities in five countries. Information about Russell/Mellon is available
at http://www.russellmellon.com .
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 institutional asset management, mutual funds, private
wealth management, asset servicing, payment solutions and investor services,
and treasury services. Mellon has more than $4.0 trillion in assets under
management, administration or custody, including $729 billion under
management. Its asset management companies include The Dreyfus Corporation
and U.K.-based Newton Investment Management Limited. More about Mellon is
available at http://www.mellon.com .
SOURCE Mellon Financial Corporation
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Related links:
http://www.mellon.com
http://www.russellmellon.com
CONTACT:
Joseph F. Ailinger, Jr. of Mellon,
+1-617-722-7571, ailinger.jf@mellon.com , or Jessica Hancock of
Russell-Mellon, +1-617-722-3972, jhancock@russellmellon.com
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