Island firm teams up with global money manager

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  • Terry West: New partnership for his firm Windward Management Ltd

    Terry West: New partnership for his firm Windward Management Ltd


A global money manager has struck a deal with a small Bermuda firm to distribute its investment products on the Island.

BNY Mellon Investment Management EMEA Ltd, which describes itself as the world’s largest world’s largest multi-boutique asset management organisation with over $1.7 trillion in assets under management, has entered a strategic distribution partnership with Windward Management Ltd.

Windward, which was founded in 1996, is run by Terrett West and Susan Moon, who have a combined 52 years of experience in the financial services industry.

The strategic relationship enables Windward to provide the Bermuda market with access to BNY Mellon’s suite of investment capabilities. The New York-based firm, which comprises 13 specialist investment boutiques around the world, is setting its sights on increasing its share of business on the Island, whose insurers alone have more than $500 billion in capital and reserves.

PeterPaul Pardi, global head of distribution and CEO of BNY Mellon Investment Management EMEA, said the deal with Windward would improve the firm’s access to an important market.

“Bermuda has a very large and concentrated asset pool, with all of the insurers, private banks and trust companies. But we had no systematic approach to our business there,” Mr Pardi said.

“We were fortunate to meet Terry and Susan at Windward, who did some consulting work for us. They have the technical expertise and the local knowledge to be able to assist us.”

Windward and BNY Mellon signed an agreement last November to progress from consultancy to the second phase of their relationship — business development.

Mr West said: “We have talked to a few large investors on the Island. We expect that the diversified nature of the bank’s investment products, along with their customisable nature, will be attractive to Bermuda business. The bank offers more than 400 investment products.”

Bermuda’s property and casualty insurers and reinsurers have traditionally invested their huge investment portfolios very conservatively and a prolonged period of low interest rates has squeezed investment returns. Many are seeking to pep up those returns through new investment approaches, including in some cases, partnerships with asset managers.

“From the very short space of time that Terry and Susan have had to speak with clients, it’s clear that we can do a lot more in Bermuda,” Mr Pardi said.

Windward has a team of six and Mr West said expansion was possible, depending on the amount of business generated by the new partnership.

Mr Pardi had a word of praise for Finance Minister Bob Richards. “He was kind enough to meet with myself and Terry and Susan, and we were very encouraged,” he said.

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Published Mar 30, 2015 at 8:00 am (Updated Mar 29, 2015 at 8:12 pm)

Island firm teams up with global money manager

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