Deutsche Asset & Wealth Management (DeAWM) has entered into exclusive talks to outsource its fund administration services, representing nearly $47.6 billion in assets under administration to BNY Mellon.
As part of the agreement, DeAWM will outsource its real estate fund finance, fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon.
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Following the deal, about 80 employees of the Deutsche global real estate fund finance team will move to BNY Mellon Alternative Investment Services and also become part of its alternative investment services organization.
The deal will offer direct real estate investors access to enhanced services and solutions.
However, an agreement between the firms is expected to be signed by the end of this year.
Samir Pandiri, executive vice president and CEO of asset servicing at BNY Mellon, said: "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."
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By GlobalDataPierre Cherki, head of alternatives and real assets for DeAWM, said: "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."
Frank La Salla, CEO of BNY Mellon’s alternative investment services business, said: "With the changing regulatory environment and investor-driven shifts into other alternative investments, the market for real estate asset servicing is poised for continued growth."
