BNY Mellon to bag real estate fund finance business
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BNY Mellon to bag real estate fund finance business 10 July 2014New York Reporter: Tammy Facey
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BNY Mellon has entered an agreement with Deutsche Asset & Wealth Management (DeAWM), for $47.6 billion in assets.
The parties have agreed that will outsource its real estate fund finance, fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon.
Samir Pandiri, executive vice president and CEO of asset servicing at BNY Mellon, said: " This strategic relationship will enable BNY Mellon to further build a more integrated real estate accounting, operations, and client reporting offering that leverages DeAWM's global presence."
Some 80 members of DeAWM global real estate fund finance team will transfer to BNY Mellon and become part of its alternative investment services organisation, under the agreement.
Pierre Cherki, head of alternatives and real assets for DeAWM, said: “This partnership will enable us to improve operational efficiency by leveraging the global footprint and resources of the company."
Frank La Salla, CEO of BNY Mellon’s alternative investment services business, added: “DeAWM is at the forefront of innovation and service delivery as sophisticated real estate managers seek out the broader capabilities of a full-service fund administrator."
It is anticipated that the agreement will be signed before the end of the year.
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