NEW YORK – Given its diverse membership base, $1.8 billion UNFCUis confident its recent alliance with Raymond James FinancialServices, Inc. will provide the muscle to expand its investmentdivision and serve member needs no matter where they are in theworld. The credit union, which serves employees of the UnitedNations and affiliated agencies, converted its investment divisionto Raymond James on Jan. 2. After an exhaustive search of otherfirms, the credit union decided to align with the money managementfirm for its comprehensive array of products and services, businessmodel flexibility, technology and international presence, saidSteve Ryerson, vice president of financial services at UNFCU.Raymond James manages more than $20 billion in assets. “We have anincredibly unique membership with approximately 63,000 members in210 countries,” Ryerson said. “While we have a high penetration inthe U.S., our fastest growth will come from overseas. We certainlyunderstand our need to be global in nature (when it comes toinvestment services).” Ryerson said 50% of UNFCU's membership isbased in the United States but are not necessarily U.S. citizens, apoint worth noting since investment information dispensed tomembers through its liaison offices in Vienna, Geneva and Nairobi,include data pertinent to those areas. More than 4,000 members areserved in Vienna, 3,300 in Geneva and since its launch in April2003, Nairobi's office serves nearly 1,200 members. UNFCU also hasseparate member service toll-free numbers in 19 countries. Having amember base that has a multicultural makeup poses some “interestingchallenges” but ones UNFCU is eager and prepared to meet, Ryersonsaid. Indeed, some members encounter complex legal, tax and estateplanning issues and many are G-4 visa or U.S. green card holders.As a result, referrals to firms that have an international focusare critical, he emphasized. More than 50% are technologicallysavvy and conduct transactions on UNFCU's Web site. One limitationthat the credit union experienced with its previous third-partybroker-dealer is little control over the management of the onlineinvestment site, Ryerson said. A temporary site went live inJanuary and an enhanced UNFCU Investment Centre site is scheduledto go up by the end of June. Ryerson said because many of UNFCU'smembers have questions about retirement concerns, a significantportion of the site will be devoted to that topic. “It was a hugeissue for us to be able to have control over building the site,”Ryerson said. While UNFCU has been providing investment services toits members since 1997, the new `centre' now makes available “thefinancial planning advice, products and quality service that onewould expect from a large investment banking firm with theintegrity, attention to detail and personal service to which itsmembers are accustomed,” said Michael Connery, UNFCU president/CEO.UNFCU Financial Services serves 1,700 members and manages $40million in assets. To that end, four of the Investment Centre'sadvisors are bilingual and two are trilingual, Ryerson pointed out.All are currently based in New York and since Raymond James has anoffice in the United Kingdom, plans are being considered to have amore European-based placement there later this year. “We took ahard look at five to six other firms,” Ryerson said. “In a perfectworld, I would have found a global provider. Raymond James has thatglobal presence.” The firm also has a trust services division,which UNFCU is considering, he added. Members needing thoseservices now may be referred to Raymond James or another firm.Since the alliance was launched, the credit union has also receivedan inquiry to offer private banking services – another area underexploration. Ryerson said he's talked to a number of internationalcompanies that have private banking capabilities and expectsUNFCU's initial entry to come through a third-party firm. UNFCUFinancial Services was also recently licensed as an insurancebroker in New York. Meanwhile, members around the globe aregravitating to investment Webinars and phone conferences, Ryersonsaid. Two seminars were held in Vienna last October and more than90 people attended. When conversion packages went out to membersearlier this year, UNFCU was overwhelmed by phone queries about theprocess, Ryerson said. With assistance from the “member directedservices department,” additional support came through UNFCU's30-employee call center to walk members through the conversion.With 25 years of investment experience and the bulk of his careerspent on Wall Street, Ryerson said this is probably the first timehe's received rousing support to move forward with such anambitious undertaking. Ryerson came to UNFCU in June 2003. “Itssupport is unlike any I've ever seen in my career, there's nobarriers,” Ryerson said, adding all that the credit union hasaccomplished has been through a collaborative [email protected]