BNY Mellon chosen based upon its strength in real estate administration
BNY Mellon has been chosen by SkyBridge Capital to be the sole provider of global fund administration services for its Opportunity Zone Real Estate Investment Trust ("SOZ REIT"), a private, non-traded real estate investment trust with a mandate to invest in residential, commercial, and industrial real estate in US Treasury-designated Opportunity Zones in the US.
The win marks another important addition to BNY Mellon's real estate platform. The BNY Mellon Real Estate Fund Administration global platform has grown to $130 Billion of assets under administration, representing close to 80 funds across more than 20 clients serviced by 250+ real estate professionals.
SkyBridge selected BNY Mellon given its strong performance as SkyBridge's existing custody provider, as well as its experience in real estate administration.
Daniel Barile, a Partner and Portfolio Manager at SkyBridge Capital, said:
"Having worked with BNY Mellon for years on our flagship fund-of-hedge-funds product and given BNY Mellon's experience across asset-types, and expertise at fund structuring, they were the clear choice from day one for SOZ REIT."
Alan Flanagan, Global Head of Alternatives for Asset Servicing at BNY Mellon, said:
"We are proud to work with SkyBridge across multiple portfolios, and we are excited to expand our collaboration with them into the real estate investment space. This decision recognizes our growing offering in real estate administration, as well as our ongoing commitment to servicing our clients and driving industry innovation."
SkyBridge is a global alternative investment manager that provides a range of investment solutions to individuals and institutions, including the SkyBridge Opportunity Zone REIT, multi-strategy commingled fund-of-hedge-funds products, customized separate account hedge fund portfolios, hedge fund advisory services and a long-only equity mutual fund. SkyBridge also produces a large annual conference in the US known as the SkyBridge Alternatives Conference ("SALT").
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 December 31, 2018, BNY Mellon had US$33.1 trillion in assets under custody and/or administration, and US$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). 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.