FRANKFURT, August 11, 2020 -- BNY Mellon has been appointed by Deka Immobilien to provide global fund administration coordination and oversight for its Special Purpose Vehicles.
Much of Deka’s €40 billion in real estate assets is invested globally via Special Purpose Vehicles (SPVs). BNY Mellon’s role is to gradually coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required accounting standards (for example, IFRS) and provide it to Deka Immobilien for its NAV calculations.
The data is collected through BNY Mellon’s Property Management Interface (PMI), a web-based application that enables local accountants across the globe to provide data in a standardised format and automated way. This was a task previously undertaken in-house by Deka Immobilien.
Burkhard Dallosch, COO of Deka Immobilien Investment GmbH, said: “We were immensely impressed by the commitment and knowledge of the BNY Mellon team as well as with their technology, which significantly automates the data gathering process and enhances the oversight of our real estate investment. This cooperation further contributes to the standardization and comparability of data in the real estate industry as other organisations are also using the expertise of BNY Mellon. The fund administration of Deka Immobilien has become more efficient and will be able to continue its growth.”
Alan Flanagan, Global Head of Alternatives, BNY Mellon Asset Servicing, said: “We are delighted to support Deka Immobilien and have enjoyed working with the Deka team in on-boarding this accounting service. It is a significant appointment for our Alternative Investment Services team and a testament to the quality of our technology, our global reach and the expertise of the team in Germany.”
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of March 31, 2020, BNY Mellon had $35.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
BNY Mellon has been conducting business in Germany since 1972. Germany is a core growth market with approximately 300 staff in total located in Frankfurt. Our service offering includes Asset Servicing, through which depositary, custody as well as Service-KVG are offered. In addition, BNY Mellon also provides Alternative Investment Services, Corporate Trust, Treasury Services, Depositary Receipts, Global Markets Services as well as Investment Management in Germany. Germany serves as BNY Mellon’s regional hub for business relationships in the DACH region as well as Central and South-Eastern Europe.
DekaBank is the Wertpapierhaus of the German savings banks and, together with its subsidiaries, forms the Deka Group. With total customer assets totalling approximately €313 billion as of December 31 2019 and around 4,8 million managed securities accounts, the Deka Group ranks among Germany’s major securities service providers as well as real estate asset manager in Germany. It ensures access to a wide range of investment products and services for retail and institutional investors. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as of December 31, 2019).