BNY Mellon has changed the name of its private equity and real estate division to Private Markets Solutions.
The two divisions covering increasingly popular asset classes will be led by Alan Flanagan, global head of Private Markets Solutions.
“This new name is a signal of our ambitions toward future growth,” said Flanagan.
“This change also lays the foundation for more robust technology solutions and for accommodating the growing demand for alternatives among Asset Owners and Managers around the globe.”
The new Private Markets Solutions brand will encompasses three existing alternative investment service units: private equity infrastructure, real estate and private investment.
BNY Mellon’s asset servicing business – which the three segments fall under – reported first quarter volumes of $1.5 billion this year, representing a 13% increase from the same period in 2017.
BNY Mellon established its private equity and real estate administration business after acquiring the business from Deutsche Asset and Wealth Management in 2014.