BNY Mellon will provide Deutsche Asset & Wealth Management (DeAWM) with fund administration outsourcing services, representing roughly $47.6 billion in assets under administration.
DeAWM is the brand name of the Asset Management and Wealth Management division of the Deutsche Bank Group.
Under the proposed agreement, DeAWM would outsource its real estate fund finance, fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon. It is anticipated that approximately 80 members of the DeAWM global real estate fund finance team would transfer to BNY Mellon and become part of its Alternative Investment Services organization, conditional upon regulatory and other approvals and the deal closing before the end of the year.
“We are excited to expand our longstanding relationship with BNY Mellon to better serve our clients,” says Pierre Cherki, head of Alternatives and Real Assets for DeAWM. “This partnership will enable us to improve operational efficiency by leveraging the global footprint and resources of one of the world’s leading investment servicing companies.”
“This strategic relationship will enable BNY Mellon to further build a more integrated real estate accounting, operations, and client reporting offering that leverages DeAWM’s global presence,” says Samir Pandiri, executive vice president and CEO of Asset Servicing at BNY Mellon. “We are committed to retaining the experience and expertise of DeAWM’s global fund finance team and will rely on these valued employees to continue to drive the growth of our real estate fund administration business.”
DeAWM had $1.29 trillion of assets under management (as of March 31, 2014).
Deutsche Asset & Wealth Management Outsources Fund Admin to BNY Mellon
BNY Mellon will provide Deutsche Asset & Wealth Management (DeAWM) with fund administration outsourcing services, representing roughly $47.6 billion in assets under administration.
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