First truly global real estate platform and operating model involved the conversion of US$21 billion in assets
BNY Mellon, a global leader in investment management and investment services, announced that it has completed a project to transition DWS’s real estate fund accounting services, representing approximately US$21 billion in assets, to BNY Mellon’s platform, which incorporates Yardi Investment Manager as a core element.
Achieved through a strategic collaboration between DWS and BNY Mellon, this transition represents one of the industry’s largest fund conversions to a new platform. The transition streamlines DWS’s real estate business, whilst realizing significant cost, efficiency and operational benefits for the asset manager.
DWS transferred globally its real estate fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon. Some 80 members of DWS’s fund finance team transferred globally to BNY Mellon and became part of its Alternative Investment Services business.
“Transferring services such as fund accounting to specialist third party providers allows us to streamline our business and drive cost and efficiency benefits. We look forward to realizing the advantages of our outsourced approach to our real estate fund accounting,” said Georg Allendorf, Head of Real Estate, Europe at DWS.
“Through this transition, we took the opportunity to invest in platform enhancements from which all BNY Mellon customers and prospects can benefit. 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,” said Alan Flanagan, Global Head of Private Markets Solutions at BNY Mellon. “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.”