NEW YORK and FRANKFURT, Germany: 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.
BNY Mellon is a global leader in investment management and investment services. 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.
Deutsche AWM under the deal 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.
Samir Pandiri, executive vice president and CEO of Asset Servicing at BNY Mellon, said, “As investors shift into other alternative investments, the market for real estate asset servicing is poised for solid growth. 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.”
