Deutsche Bank has been awarded a loan services and fund administration mandate from Pacific Asset Management, a subsidiary of Pacific Life Insurance Company that manages in excess of USD 4 billion in fixed income strategies.
Deutsche Bank Alternative Fund Services (AFS) and Structured Credit Services (SCS) are partnering to provide a fully integrated solution which incorporates AFS’s fund administration technology and SCS’s CDO Suite platform.
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Specifically, the partnership will offer trade capture, trade settlement, daily cash reconciliation, cash flow reporting, portfolio and transaction reporting, as well as automated daily pricing of bank debt and reporting for Pacific Asset Management’s new commingled investment fund focused primarily on bank loans.
Rex Olson, senior managing director from Pacific Asset Management, said: "Having provided our sister company, Pacific Global Advisors, with exceptional fund administration support, we knew we could count on Deutsche Bank to mobilize quickly and offer a custom solution for our new fund. Deutsche Bank’s expertise in bank loan administration and settlement, combined with their innovative fund services platform made them a clear choice."
Tim Fitzgerald, global head of Alternative Fund Services, Global Transaction Banking at Deutsche Bank, said: "We are pleased to be able to provide Pacific Asset Management with this integrated solution – bringing together our award winning Fund Services capabilities with our unique Structured Credit Services CDO Suite platform."
Steven Park, head of Structured Credit Sales & Product Management, Global Transaction Banking at Deutsche Bank, said: "Our automated data and information flow between SCS and AFS is just one illustration of Deutsche Bank’s ability to offer a full suite of products and services in a fully customizable platform to our clients."
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