The Bank of New York Mellon Corporation announced an agreement with Deutsche Asset & Wealth Management, under which the former will gain control over the administration of Deutsche’s real estate fund, which comprises around $46.3 billion worth of property assets. Deutsche Asset & Wealth Management, the wealth management and private banking unit of Deutsche Bank, will outsource its direct real estate and infrastructure fund finance, fund accounting, asset management accounting as well as client and financial reporting functions to BNY Mellon. Further, Deutsche Asset & Wealth Management will relocate around 80 employees from its fund finance team to BNY Mellon’s alternative investment services group, which will handle the administrative role of the Deutsche fund. The agreement is expected to assist Deutsche Asset & Wealth Management in expanding its global presence with more integrated accounting and client reporting solutions achieved with the help of BNY Mellon’s skilled management.
