BNY Mellon has gone live with DWS’s global real estate fund accounting platform, which incorporates Yardi Investment Manager as a core element.
This has been achieved through the collaboration between DWS and BNY Mellon, which represents one of the industry’s largest fund conversions to a new platform.
The transition streamlines DWS’s real estate business while realising the significant cost, efficiency, and operational benefits for the asset manager.
According to BNY Mellon, this is the first truly global real estate platform and operating model involved in the conversion of $21 billion in assets.
Georg Allendorf, head of real estate, Europe at DWS, commented: “Transferring services such as fund accounting to specialist third party providers allows us to streamline our business and drive cost and efficiency benefits.”
Allendorf added: “We look forward to realising the advantages of our outsourced approach to our real estate fund accounting.”
Alan Flanagan, global head of private markets solutions at BNY Mellon, said: “Through this transition, we took the opportunity to invest in platform enhancements from which all BNY Mellon customers and prospects can benefit.”
He continued: “We now offer a single, scalable platform for property and investment accounting that is global but also tailored to the specific needs of pan-European real estate businesses.”
“Investment managers are increasingly turning to asset servicers who are consistently making the necessary investment in both people and technology to deliver the highest service levels in a global product that also meets regional requirements and execution.”
