It seems that the Bank of New York has decided that just being a back office processor to large fund managers isn't all that exciting. Less than a month after the bank announced it had won a huge outsourcing contract from JP Morgan Investment Management, the bank has turned around and gone into competition with the likes of JP Morgan and its other back-office clients. BofNY had long claimed that it won the processing business of large fund managers-- including JP Morgan and Dreyfus-- because it

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