The Bank of New York Mellon has been appointed as custodian to the BlackRock Eurasian Frontiers Fund, highlighting the rapid transition of PNC Global Investment Servicing clients to the BNY Mellon platform.
The BlackRock fund originally appointed PNC GIS as administrator and custodian. In February 2010, BNY Mellon bought PNCs GIS business for $2.31 billion. Although the deal is expected to close in the third quarter of 2010, BNY Mellon is busy adding new business from PNC clients.
Speaking to Global Custodian at the time of the deal, Timothy F. Keaney, co-chief executive officer of BNY Mellon Asset Servicing said: We see long term revenue opportunities, particularly in our global custody business, FX, capital markets, and derivatives, and we are looking to offer those services very, very quickly to the PNC clients.
The fund has also appointed Merrill Lynch as prime broker. Merrill Lynch and BNY Mellon have been appointed in addition to Deutsche Bank which also acts as prime broker and custodian to the fund.
BNY Mellon will provide the whole gamut of custody and fund administration services, from trade settlement to pricing and valuation. Merrill Lynch, along with Deutsche Bank, will be responsible for clearance and settlement of transactions, financing, securities lending and foreign exchange transactions.