The Bank of New York Mellon Corp said it has entered into exclusive negotiations with Deutsche Asset & Wealth Management to provide fund administration outsourcing services representing about $47.5 billion in assets. An agreement is expected to be signed by year-end, under which Deutsche would outsource its real estate fund finance, fund accounting, asset management accounting and client and financial reporting functions to BNY Mellon. About 80 members of Deutsche’s global real estate fund finance team would transfer to BNY Mellon and become part of its Alternative Investment Services organization.
This strategic relationship will enable BNY Mellon to further build a more integrated real estate accounting, operations and client reporting offering that leverages (Deutsche’s) global presence, said Samir Pandiri, BNY Mellon executive vice president and CEO of Asset Servicing.
