BNY Mellon Asset Servicing has seen assets under administration serviced on its cross-border pooling platform surpass 100 billion.
There are today a range of tax-transparent cross-border pooling vehicles designed to allow multiple investors to co-invest their assets to achieve economies of scale while still preserving their beneficial tax treaty status. Tax-transparent vehicles serviced by BNY Mellon include Luxembourgs Fonds Commun de Placement (FCP), the Irish Common Contractual Fund (CCF), and in the Netherlands Fonds voor Gemene Rekening (FvGR).
Kerry White, Managing Director, Global Product at BNY Mellon Asset Servicing, said: We have been very encouraged by the general acceptance and growth of tax transparent pooling vehicles across the investment community in recent years. We have built a robust and scalable platform that can handle the many nuances and complexities of these sophisticated programmes, and so are well positioned to maintain our leadership position in this burgeoning market.
BNY Mellon has a long track-record in assisting multinational plan sponsors and global financial institutions, and our unique asset pooling capabilities for tax transparent fund structures allows clients to provide full accounting details both balance sheet and P&L to underlying participants, or groups of participants, if so desired.