New York (HedgeCo.Net) – BNY Mellon has signed an agreement with Deutsche Asset & Wealth Management (Deutsche AWM) to provide real estate and infrastructure fund administration services, representing roughly $46.3 billion in assets under administration.
Last July, BNY Mellon and Deutsche AWM announced that they had entered into exclusive negotiations to complete an agreement. Terms of the deal, which closed effective February 1, were not disclosed.
BNY Mellon is a leading administrator of alternative assets, including single manager hedge funds, funds of hedge funds and private equity, with roughly $715 billion of alternative assets under administration and/or custody. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management.
Under the agreement, Deutsche AWM will outsource its direct real estate and infrastructure fund finance, fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon. Up to 80 members of Deutsche AWM’s fund finance team are expected to transfer to BNY Mellon and become part of its Alternative Investment Services business.
“As investors shift into other alternative investments, the market for real estate asset servicing is poised for solid growth,” said Samir Pandiri, executive vice president and CEO of Asset Servicing at BNY Mellon. “Investment managers are turning to asset servicers like us who are better positioned to make the necessary investments in technology and people to deliver a higher level of service.
Editing by Alex Akesson
For HedgeCo.net
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