Hedge fund giant Man Group has completed the migration of its admin business for its quantitative funds, Man AHL, to BNY Mellon.
Chandresh Iyer, CEO of BNY Mellon’s Alternative Investment Services (AIS) and structured products business, confirmed the completion of the move.
It was reported earlier last year that BNY Mellon and SS&C GlobeOp were competing for the business, however the UK listed fund manager opted for a bank-owned administrator for its funds as opposed to a technology firm.
“This agreement to support the Man AHL book of business not only represents an important new milestone in our long-standing relationship with Man Group but also demonstrates BNY Mellon’s ability to convert a highly complex book of business in a timely and highly efficient manner,” said Iyer.
Man Groups previous fund administrator for its AHL funds was Citi, which had provided custody, depository bank, fund administration and transfer agency services in 2012.
“The teams at both BNY Mellon and Man Group have worked collaboratively throughout the planning and transition process to execute a highly professional and successful transition,” added Geoff Galbraith, chief operating officer, Man Group.