February 02, 2015

BNY Mellon and Deutsche Asset & Wealth Management complete real estate fund administration outsourcing deal

Partnership underscores rising demand for administration services for real estate and infrastructure assets; BNY Mellon now one of the largest real estate fund administrators in the market


NEW YORK and FRANKFURT, Germany, Feb. 2, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, announced that it 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.

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.

"This important new relationship will allow us to develop a more integrated accounting and client reporting solution that leverages Deutsche Asset & Wealth Management's global presence and team, and help propel the growth of our real estate fund administration business," Pandiri added.

"We have developed a close partnership with BNY Mellon and look forward to working with them on this innovative initiative," said Pierre Cherki, head of Alternatives and Real Assets for Deutsche AWM.  "Our goal is to provide clients the best service possible in this area and this strategic relationship will enable us to benefit from the resources of one of the world's leading investment servicing companies."  

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. BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safekeeping assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.

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 and more than 100 markets. 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. 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). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.

*Gross asset value as of November 30, 2014.

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The information presented in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, the timing and signing of the proposed agreement and any regulatory or other approvals. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Factors that could cause BNY Mellon's results to differ materially can be found in the risk factors set forth in BNY Mellon's Annual Report on Form 10-K for the year ended December 31, 2013 and BNY Mellon's other filings with the Securities and Exchange Commission. All statements in this news release speak only as of the date of this news release, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.

CONTACT:

Joseph F. Ailinger, Jr.

Tim Steele


+1 617-722-7571

+44 20 7163 5850


 joe.ailinger@bnymellon.com

tim.steele@bnymellon.com

 

 

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SOURCE BNY Mellon