SkyBridge selects BNY Mellon for fund services 25 March 2019New York Reporter: Maddie Saghir
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SkyBridge has selected BNY Mellon to provide fund administration services
SkyBridge Capital has chosen BNY Mellon to be the sole provider of global fund administration services for its Opportunity Zone Real Estate Investment Trust.
SkyBridge Opportunity Zone Real Estate Investment Trust is a private non-traded real estate investment trust with a mandate to invest in residential, commercial, and industrial real estate in US treasury-designated opportunity zones in the US.
It was noted that SkyBridge selected BNY Mellon given its strong performances as SkyBridge’s existing custody provider, as well as its experience in real estate administration.
Daniel Barile, a partner, and portfolio manager at SkyBridge Capital, said: "Having worked with BNY Mellon for years on our flagship fund-of-hedge-funds product and given BNY Mellon's experience across asset-types, and expertise at fund structuring, they were the clear choice from day one for SOZ REIT."
Alan Flanagan, global head of alternatives for asset servicing at BNY Mellon, cited: "We are proud to work with SkyBridge across multiple portfolios, and we are excited to expand our collaboration with them into the real estate investment space.”
Flanagan added: “This decision recognises our growing offering in real estate administration, as well as our ongoing commitment to servicing our clients and driving industry innovation."
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